{"id":49204,"date":"2023-05-09T00:03:52","date_gmt":"2023-05-09T04:03:52","guid":{"rendered":"https:\/\/autosector.com\/?p=49204"},"modified":"2023-05-09T00:03:52","modified_gmt":"2023-05-09T04:03:52","slug":"a-big-miss-lucid-posts-quarterly-revenue-well-below-estimates","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=49204","title":{"rendered":"‘A big miss’: Lucid posts quarterly revenue well below estimates – Autoblog"},"content":{"rendered":"

Electric vehicle (EV) maker Lucid<\/a> Group reported first-quarter revenue well below Wall Street estimates on Monday and forecast 2023 production at the lower end of its previous guidance as a price war sparked by Tesla<\/a> hurt sales.<\/p>\n

Shares in the maker of the Air<\/a> luxury sedan dropped about 9% in extended trading.<\/p>\n

Tesla’s move to cut prices and increase volume, a strategy which CEO Elon Musk<\/a> said is part of the EV maker’s recession playbook, as well as lower-priced electric models launched by traditional automakers have hurt startups such as Lucid and Rivian<\/a> Automotive.<\/p>\n

Lucid, faced with mounting losses, has largely shied away from lowering prices apart from a discount of $7,500 on certain variants of its Air luxury sedan bought before March 31.<\/p>\n

Instead, it said late March it would lay off 18% of its workforce, about 1,300 employees, across the organization as part of a restructuring plan to rein in costs.<\/p>\n

The company reported quarterly revenue of $149.4 million, compared with analysts’ average estimate of $209.9 million, according to Refinitiv. It last month reported first-quarter production and delivery figures lower than in the preceding three months.<\/p>\n

“The revenue was actually the weakest that’s been since the second quarter of last year, so there’s a big miss on the top line,” said Garrett Nelson, analyst at CFRA Research. “This could be an indication that this pricing war is having a direct impact on their results.”<\/p>\n

Lucid CEO Peter Rawlinson said in a statement on Monday the company was on track to produce over 10,000 vehicles in 2023, compared with an earlier forecast for 10,000 to 14,000 units this year.<\/p>\n

“It seems to be a subtle shift in the guidance,” Nelson said.<\/p>\n

The first quarter net loss widened to $779.5 million from $604.6 million a year earlier, while cash and cash equivalents fell to $900 million at the end of the first quarter from $1.74 billion in the fourth quarter.<\/p>\n

Chief Financial Officer Sherry House said the company had $4.1 billion in liquidity, enough to fund the luxury EV maker at least into the second quarter of next year.<\/p>\n

Lucid said in a separate regulatory filing on Monday that it may raise up to $7.4 billion through sales of stock, debt securities, warrants or other offerings from time to time.<\/p>\n

The EV maker is set to unveil its Gravity sport utility vehicle<\/a> later this year ahead of its launch in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Electric vehicle (EV) maker Lucid Group reported first-quarter revenue well below Wall Street estimates on Monday and forecast 2023 production at the lower end of its previous guidance as a price war sparked by Tesla hurt sales. Shares in the maker of the Air luxury sedan dropped about 9% in extended trading. Tesla’s move to […]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[6],"tags":[],"class_list":["post-49204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-workers-unions"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49204"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/49204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49204"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}