A Lucid Air electrical car (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 12 months because it reported second-quarter earnings that missed Wall Avenue expectations.
The electrical car maker now anticipates producing between 18,000 and 20,000 autos for the 12 months after beforehand projecting a purpose of 20,000.
Interim CEO Marc Winterhoff instructed CNBC on Tuesday that the corporate remains to be aiming for the excessive finish of that vary.
“I’ve by no means seen so many surprises inside a 12 months as this 12 months,” he stated. “So all of these plans are nonetheless arrange for the place we had been earlier than, however we simply need to be somewhat bit extra cautious and, subsequently, present a spread.”
Shares of Lucid fell greater than 7% in after-hours buying and selling Tuesday.
Here is what the corporate reported within the three-month interval that ended on June 30 in contrast with what Wall Avenue was anticipating, based mostly 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 web loss for the quarter of $855 million, or 28 cents per share, in contrast with a web lack of $790 million, or 34 cents per share, in the identical interval final 12 months. 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 12 months, at $1.06 billion.
The automaker stated it ended the quarter with roughly $4.86 billion in whole liquidity.
“We’re targeted on enterprise fundamentals to realize our near-term targets: disciplined price administration, model constructing, and persevering with to execute our Lucid Gravity launch ramp,” Chief Monetary Officer Taoufiq Boussaid stated in a launch.
Final month, Lucid introduced Uber would make investments $300 million within the firm as a part of a partnership to deploy greater than 20,000 robotaxis over the following 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 money as it really works to ramp up manufacturing of its Gravity SUV, its second car after the Air sedan. Winterhoff stated he had hoped to be additional alongside in ramping up the Gravity’s manufacturing at this level within the 12 months, however that the corporate was nonetheless going through some provide chain constraints.
Lucid stated in July that it delivered 3,309 autos within the second quarter, a 38.2% improve in contrast with the identical interval in 2024, however in need of analysts’ expectations.
Demand for pure electrical autos has been slower than anticipated, and shoppers have been gravitating towards cheaper hybrids.
The trade can be bracing for the consequences of President Donald Trump’s new tax-and-spending invoice, which he signed into legislation on July 4. That laws is ready to finish the $7,500 tax credit score for brand new electrical autos and $4,000 credit score for used EVs after Sept. 30.
Lucid inventory has fallen practically 19% to date this 12 months as of Tuesday’s shut.
