Shares of Lucid Group Inc (NASDAQ: LCID) slid over 10% in extended trading after the luxury electric vehicles manufacturer blamed supply constraints and logistics problems as it slashed its production outlook.
Highlights from Lucid’s Q4 report
Lost $1.05 billion versus the year-ago figure of $297 million.
Per-share loss came in at 64 cents, compared to $11.11 in the comparable quarter of last year.
On a YoY basis, revenue jumped from $3.6 million to $26.4 million.
Experts had forecast 35 cents of adjusted per-share loss on $37 million in revenue, as per FactSet.
Lucid Air deliveries brought in $21.3 million in revenue. Customers received 125 Lucid cars in Q4.
Received over 25,000 reservations with potential for $2.4 billion in sales.
Production outlook for 2022
The Newark-headquartered company now expects to produce 12,000 to 14,000 Lucid Airs in 2022. In the earnings press release, CEO Peter Rawlinson said:
The new outlook reflects extraordinary supply-chain and logistics challenges, and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars.
Lucid is aiming at producing 20,000 vehicles in total this year.
First international production facility
Also on Monday, Lucid signed an agreement to set up a full production facility in Saudi Arabia. The manufacturing plant that it will fully own is expected to produce up to 150K vehicles a year and result in $3.4 billion of value in the next fifteen years.
Construction will begin before the second half of 2022. Vehicles produced in the Saudi Arabia facility will eventually, at a later stage, will also be exported to other countries.
The stock is now down over 35% for the year.
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