In an aerial view, an indication is posted on the outside of Lucid headquarters on March 29, 2023 in Newark, California. Electrical car maker Lucid introduced plans to put off 1,300 employees, 18 p.c of its workforce, as a part of a restructuring plan.
Justin Sullivan | Getty Pictures
Luxurious electrical car maker Lucid Group on Monday reported widening first-quarter losses, however mentioned that it nonetheless has sufficient money to proceed operations into subsequent yr.
The corporate additionally confirmed that it nonetheless plans to construct a minimum of 10,000 of its Air luxurious sedans in 2023. Shares had been down about 5% in after-hours buying and selling following the information.
Listed here are the important thing numbers from Lucid’s first-quarter earnings report, together with Wall Avenue’s consensus estimates as reported by Refinitiv:
Loss per share: 43 centsRevenue: $149.4 million, versus income of $209.9 million anticipated.
Analysts polled by Refinitiv anticipated a per share lack of 41 cents, nevertheless it wasn’t instantly clear whether or not reported outcomes had been akin to these estimates.
Lucid’s first-quarter web loss was $779.5 million, a lot wider than the web lack of $81.3 million it reported within the first quarter of 2022, when it was nonetheless ramping up manufacturing of the Air. Income, nonetheless, jumped yr over yr to $149.4 million, from $57.7 million throughout the identical quarter final yr.
Lucid ended the primary quarter with about $3.4 billion in money and about $700 million in accessible credit score traces. CFO Sherry Home mentioned that money ought to be enough to fund the corporate a minimum of till the second quarter of 2024.
Lucid had about $4.4 billion in money and an extra $500 million in credit score accessible as of the top of 2022.
Lucid has lately been shifting to preserve money. It mentioned in March that it will lower about 18% of its workforce, roughly 1,300 employees, in a bid to decrease spending.
The corporate remains to be batting down demand issues.
The corporate’s anticipated 2023 manufacturing of “greater than 10,000” Air sedans is properly beneath the “greater than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And, in April, Lucid mentioned it produced 2,314 Airs within the first quarter whereas delivering simply 1,406 to clients throughout the interval, a spot the corporate blamed on a “gradual January” and modifications to the U.S. authorities’s EV tax credit.
In one other signal that demand for the Air could also be weak, Lucid declined to supply an up to date reservation quantity on Monday.
Lucid mentioned on Apr. 25 that its subsequent mannequin, a big electrical SUV referred to as Gravity, is on observe to start manufacturing in 2024. It plans to disclose the Gravity later this yr.
This story is growing. Please examine again for updates.
