NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID) reported a narrower-than-expected loss per share for the fourth quarter, but revenues fell short of Wall Street estimates. The luxury electric vehicle maker announced a fourth-quarter loss of $0.29 per share, slightly better than the analyst consensus of ($0.30). However, Q4 revenue of $157.2 million did not meet the expected $178.33 million, marking a significant miss.
Lucid delivered 1,734 vehicles in the fourth quarter, contributing to a total of 6,001 vehicles for the full year 2023, which represents a 37% increase compared to the full year 2022.
The company successfully met the higher end of its annual production guidance, manufacturing 8,428 vehicles in 2023 within the forecasted range of 8,000 to 8,500.
CEO Peter Rawlinson expressed optimism about Lucid's long-term investment in technology and manufacturing, aiming to establish Lucid as the premier luxury EV brand globally. "In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I'm very excited about the year ahead and beyond," Rawlinson stated.
Lucid ended the quarter with approximately $4.78 billion in total liquidity and set a production target of approximately 9,000 vehicles for 2024. The company's focus remains on expanding its vehicle lineup and addressing the growing market demand for luxury electric vehicles.
The moderate stock movement suggests that investors are cautiously optimistic, acknowledging the company's progress in vehicle deliveries and production while remaining aware of the challenges reflected in the revenue miss.
Lucid's forward-looking statements indicate a commitment to managing production in line with sales and delivery needs, which may reassure stakeholders about the company's adaptability in a competitive market.
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