Yesterday after the close of trading, Lucid (LCID.US) reported its quarterly results, which failed to beat analysts' expectations. Despite an initial drop in the market (post-close period), the move was negated by confirmed production forecasts for this year, where the company aims to produce at least 10,000 proprietary electric cars.
SECOND QUARTER RESULTS
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Revenues: $150.9 million, +55% y-o-y, (estimated $176.6 million).
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Loss per share: $0.40, (estimate $0.34).
Investment bank Morgan Stanley added in the context of the reported results that the current state of liquidity gives the company until as late as 2025 to permanently exit the early stage business, establish new partnerships and launch production of the Gravity series SUVs, among others.
Prices for the Air series cars start at $87,000, but depending on the packages selected, their price can significantly exceed the US$100,000 barrier (remember that Lucid's biggest competitor, Tesla (TSLA.US), sells its cars in the US from just over US$40,000). This therefore forces the company to be very innovative in order to compete with Elon Musk's company.
The reported results by the company overall failed to meet analysts' expectations. Source: Bloomberg Finance L.P.
Other comments:
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Lucid Air Pure will be available in higher volumes in the second half of 2023.
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Lucid Air Sapphire production will begin in the summer of 2023.
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Lucid Gravity SUV production will begin in late 2024.
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"In addition, targeted efforts to reinvigorate our marketing programmes in the luxury and premium segments have resulted in greater brand awareness, which we intend to leverage with the launch of our latest pricing programme."
Ahead of the start of today's session on Wall Street, shares of Lucid (LCID.US) are gaining nearly 3.2 per cent and climbing around yesterday's opening levels. Source: xStation 5
