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In an airshow, a sign is placed on the outside of Lucid’s headquarters on March 29, 2023 in Newark, California. Electric car maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan.
Justin Sullivan | Getty Images
luxury electric car maker Lucid Group On Monday, it reported widening first-quarter losses, but said it still had enough cash to continue operations into the next year.
Shares fell more than 8% in after-hours trading following the news.
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“We are on track to produce more than 10,000 vehicles in 2023, while continuing company-wide initiatives that will enable Lucid to convert to larger volumes as market conditions allow,” CEO Peter Rawlinson said Monday. Lucid guided 2023 production of between 10,000 and 14,000 vehicles in February.
Here are the key numbers from Lucid First quarter earnings reportalong with Wall Street estimates as reported by Refinitiv:
- share loss: 43 cents
- he won: $149.4 million, against an expected revenue of $209.9 million.
Analysts polled by Refinitiv had expected a loss per share of 41 cents, but it wasn’t immediately clear if the reported results were comparable to those estimates.
Lucid’s net loss in the first quarter was $779.5 million, significantly larger than the $81.3 million net loss it reported in the first quarter of 2022, when it was still ramping up Air production. However, year-over-year revenue jumped to $149.4 million, from $57.7 million during the same quarter last year.
Lucid finished the first quarter with about $3.4 billion in cash and about $700 million in lines of credit available. Chief Financial Officer Cherry House said the cash flow should be sufficient to fund the company at least through the second quarter of 2024.
Lucid had about $4.4 billion in cash and an additional $500 million in credit available through the end of 2022.
Lucid is recently moving to conserve cash. It said in March it would cut nearly 18% of its workforce, about 1,300 workers, in a bid to cut spending.
The company is still battling demand concerns.
The company’s projected 2023 production of “more than 10,000” air sedans was well below the “more than 28,000” reservations it recorded as of its fourth-quarter earnings report in February. And in April, Lucid said it produced 2,314 planes in the first quarter while delivering only 1,406 planes to customers during the period, a gap the company blamed on “slow January” and changes to the US government’s tax breaks.
In another sign that on-air demand may be weak, Lucid declined to provide an updated reservation number on Monday.
Lucid said on April 25 that its next model, a large electric SUV called Gravity, is on track to begin production in 2024. It plans to unveil Gravity later this year.
This story is evolving. . Please check back for updates
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