Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Lucid Motors limps over production guidance, shares fall

Published 2024-02-22, 11:22 a/m
© Reuters.  Lucid Motors limps over production guidance, shares fall

Proactive Investors - Lucid Group Inc (NASDAQ:LCID) joined its electric vehicle sibling Rivian by crashing by a fifth on the Nasdaq in opening Thursday trades.

The California-based maker of luxury EVs posted $2.8 billion in net losses for 2023 in an annual trading update, more than double the $1.3 billion in losses clocked in 2022.

Lucid produced 8,428 vehicles and delivered 6,001 vehicles in 2023.

Former guidance had production quantities between 10,000 and 14,000 vehicles before a downward revision to a range of 8,000 to 8,500 in November.

Lucid has now set a 2024 annual production guidance of approximately 9,000 vehicles, but “will continue to prudently manage and adjust production to meet sales and delivery needs”.

The group reported fourth-quarter revenues of $157.2 million and annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity.

Shares were last seen swapping for $2.97.

Read more on Proactive Investors CA

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.