Lucid Group (NASDAQ: LCID) stock plunged in the extended trading Wednesday after revenue fell short of Wall Street expectations.
Luxury electric vehicle manufacturer Lucid (LCID) has reported narrower-than-expected earnings for the fourth quarter, but revenue numbers have disappointed Wall Street.
Lucid disclosed a loss of $0.29 per share for Q4, slightly surpassing analyst projections of ($0.30) per share. However, the Q4 revenue of $157.2 million fell short of the anticipated $178.33 million.
Lucid demonstrated strong growth in vehicle deliveries, with 1,734 vehicles delivered in Q4. This brings the total deliveries for the full year 2023 to 6,001 units, marking a 37% increase compared to the previous year.
Lucid successfully met its annual production guidance by manufacturing 8,428 vehicles in 2023, aligning with the forecasted range of 8,000 to 8,500 units.
CEO Peter Rawlinson remains optimistic about the company’s future, underscoring ongoing investments in technology and manufacturing to position Lucid as a premier luxury EV brand globally.
Rawlinson stated,
“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.”
Lucid aims to produce around 9,000 vehicles in 2024 while focusing on expanding its vehicle lineup to meet the increasing demand for luxury electric vehicles.
The EV maker concluded the quarter with around $4.78 billion in total liquidity, indicating robust financial stability amid market fluctuations.
Lucid (NASDAQ: LCID) Stock Price Action
LCID stock plummeted 8.38% in the extended trading Wednesday after closing the regular trade at $3.70. The traders had exchanged hands with 30,074,559 (30.07 million) shares compared to the average daily trading volume of 39.96 million.
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