A Lucid Air electrical automobile (EV) on the firm’s showroom in Tysons, Virginia, US, on Saturday, Feb. 17, 2024.
Samuel Corum | Bloomberg | Getty Pictures
Lucid Group on Tuesday softened its manufacturing outlook for the remainder of the yr because it reported second-quarter earnings that missed Wall Road expectations.
The electrical automobile maker now anticipates producing between 18,000 and 20,000 automobiles for the yr after beforehand projecting a purpose of 20,000.
Shares of Lucid fell greater than 6% in after-hours buying and selling Tuesday.
Here is what the corporate reported within the three-month interval ended June 30 in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by LSEG:
- Loss per share: 24 cents adjusted vs. a lack of 21 cents anticipated
- Income: $259 million vs. $280 million anticipated
The corporate reported a internet loss for the quarter of $855 million, or 28 cents per share, in contrast with a internet lack of $790 million, or 34 cents per share, in the identical interval final yr. Excluding restructuring and different one-time prices, the corporate posted an adjusted loss per share of 24 cents for the quarter.
Lucid’s whole prices and bills had been up roughly 7.5% from the identical interval final yr, at $1.06 billion.
The automaker stated it ended the quarter with roughly $4.86 billion in whole liquidity.
Final month, Lucid introduced that Uber would make investments $300 million within the firm as a part of a partnership to deploy greater than 20,000 robotaxis over the subsequent six years. It is also been making an attempt to construct its model consciousness, partially by tapping actor Timothée Chalamet to star in a brand new advert marketing campaign.
However Lucid has been burning by means of money as it really works to ramp up manufacturing of its Gravity SUV, its second automobile after the Air sedan.
“We’re targeted on enterprise fundamentals to realize our near-term objectives: disciplined price administration, model constructing, and persevering with to execute our Lucid Gravity launch ramp,” CFO Taoufiq Boussaid stated in a launch.
Lucid stated in July that it delivered 3,309 automobiles within the second quarter, a 38.2% enhance in contrast with the identical interval in 2024, however wanting analyst expectations.
Demand for pure electrical automobiles has been slower than anticipated, and shoppers have been gravitating towards cheaper hybrids.
The business can also be bracing for the affect of President Donald Trump’s new tax-and-spending invoice, which he signed into regulation on July 4. That laws is ready to finish the $7,500 tax credit score for brand new electrical automobiles and $4,000 credit score for used EVs after Sept. 30.
Lucid inventory has fallen almost 19% to this point this yr as of Tuesday’s shut.
