Lucid LCID Q2 2023 earnings guidance

Luxury electric vehicle maker Lucid Group announced its second-quarter results on Monday.

Here are the most important numbers:

• Loss per share: 40 cents. It wasn’t immediately clear if that matched Wall Street’s expectations of a 33-cent loss, according to analysts polled by Refinitiv.
• Revenue: $150.9 million versus $175 million expected.

Lucid’s net loss for the quarter was $764.2 million, or 40 cents a share. A year ago, Lucid reported a net loss of $555.3 million, or 33 cents a share. Revenue increased to $150.9 million in the second quarter from $97.3 million in the second quarter of 2022.

Lucid announced on July 12 that it shipped 1,404 Air sedans in the second quarter. That was about 600 fewer than Wall Street was expecting. The company delivered 1,406 vehicles in the first quarter of 2023 and 679 vehicles in the second quarter of 2022.

Lucid ended the second quarter with a total of $6.25 billion in available liquidity, including $5.5 billion in cash and the remainder on available lines of credit, enough to last through 2025, CFO Sherry House said. As of March 31, Lucid had $3.4 billion in cash and $700 million in additional lines of credit. In late May, the company raised approximately $3 billion through a stock offering.

Lucid confirmed production guidance it issued in May when it said it expects to produce “over 10,000” vehicles in 2023. In February, the company originally expected production of between 10,000 and 14,000 vehicles in 2023, despite alleged “more than 28,000 reservations”. ” for the Air at this point.

Since then, Lucid hasn’t released an update on Air reservations, but for months there have been signs that the company is facing a lack of demand for the well-rated but pricey sedan.

To stimulate demand for price cuts Tesla and other EV competitors, Lucid said Saturday it would slash air prices by as much as $12,400. The company dropped the price of the base model Air Pure by $5,000 to $82,400 and the higher-priced Touring and Grand Touring by $12,400 to $95,000 and $125,600, respectively.

The lower prices apply to both Lucid inventory vehicles and those that are now being built to order. The lower prices for vehicles in stock will apply while supplies last, Lucid said.

A Lucid spokesman declined to say how many vehicles are currently in stock.

Lucid said on April 25 that its next model, a large air-based electric SUV called Gravity, is on track to start production in 2024. The Gravity is planned to be fully unveiled later this year.

Lucid announced on June 26 that it has signed a contract to supply Aston Martin Lagonda with powertrains, battery systems and related technology for electric vehicles. In exchange, it said at the time, Lucid would receive a total of around $232 million in tiered payments and a 3.7% stake in the British supercar maker.