Aerial photo of an indication posted outside of Lucid’s corporate headquarters on March 29, 2023 in Newark, California. Electric vehicle maker Lucid has announced plans to chop 1,300 employees, or 18 percent of its workforce, as a part of a restructuring plan.
Justin Sullivan | Getty’s paintings
Manufacturer of luxury electric vehicles Conscious Group on Monday it reported a much bigger loss in the primary quarter but said it still had enough money to proceed operations next 12 months.
The stock fell greater than 8% in after-hours trading after the news.
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“We’re on the right track to supply over 10,000 vehicles in 2023, and initiatives are underway across the corporate that may allow Lucid to maneuver to higher volumes as market conditions permit,” chief executive Peter Rawlinson said on Monday. Lucid led production in February of 10,000 to 14,000 vehicles in 2023.
Listed here are the important thing numbers from Lucid’s first quarter results reportwith Wall Street consensus estimates provided by Refinitiv:
- Loss per share: 43 cents
- Income: USD 149.4 million in comparison with the expected USD 209.9 million.
Analysts polled by Refinitiv had expected a loss per share of 41 cents, however it wasn’t immediately clear whether the ultimate results were comparable to those estimates.
Lucid’s first-quarter net loss was $779.5 million, or 43 cents a share, up from $81.3 million, or 5 cents a share, the corporate said in the primary quarter of 2022 because it continued to extend Air production. Nonetheless, revenue jumped year-on-year to $149.4 million from $57.7 million.
Lucid ended the primary quarter with roughly $3.4 billion in money and roughly $700 million in available credit lines. Finance chief Sherry House said the money needs to be enough to fund the corporate until no less than the second quarter of 2024.
The electrical vehicle maker had about $4.4 billion in money and a further $500 million in credit available at the tip of 2022.
Lucid recently began saving money. In March, it said it could cut about 18% of its workforce, some 1,300 employees, in a bid to chop spending.
The corporate remains to be solving problems related to demand.
The carmaker’s expected production of “over 10,000” Air sedans in 2023 is well below the “over 28,000” reservations it noted in its fourth-quarter earnings report in February. And in April, Lucid said it made 2,314 Air planes in the primary quarter, delivering just 1,406 to customers within the period, a loophole the corporate blamed on a “slow January” and changes to the US government’s tax credits for electric vehicles.
In one other sign that demand for Air could also be weak, Lucid declined to offer an updated booking number on Monday.
Lucid said on April 25 that its next model, a big electric SUV called the Gravity, is on the right track to begin production in 2024. He plans to disclose Gravity later this 12 months.
This story is evolving. Check for updates.