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Lucid Group Inc. late Wednesday reported a narrower quarterly loss but sales came in below Wall Street’s expectations and its order book shrunk, sending the stock about 9% lower in after-hours trading.
Lucid
LCID,
lost $473 million, or 28 cents a share, in the fourth quarter, compared with a loss of $1.05 billion, or 64 cents a share, in the year-ago period.
Revenue rose to $257.7 million from $26.4 million a year ago.
FactSet consensus called for a loss of 41 cents a share on sales of $302.6 million.
“Last year was a challenging year for everyone, yet despite the extraordinary supply-chain and logistics challenges, the team persevered,” Chief Executive Peter Rawlinson said in a statement.
Lucid said it produced 7,180 vehicles in 2022, topping its guidance for the year, and delivered 4,369 vehicles last year.
The company set a 2023 production guidance of between 10,000 and 14,000 vehicles.
Reservations hit more than 28,000 as of Wednesday, representing “potential sales” of more than $2.7 billion, the company said.
The reservation number does not include the up to 100,000 vehicles under Lucid’s agreement with the government of Saudi Arabia announced last year. Saudi Arabia’s sovereign-wealth fund has backed Lucid from its start.
In November, Lucid said it had more than 34,000 reservations for its Lucid Air, an all-electric luxury sedan. That was a drop from 37,000 reservations reported in August.
Shares of Lucid have dropped 61% in the past 12 months, compared with a loss of around 7% for the S&P 500 index
SPX,
Year to date, however, the stock is outperforming the broader index, up 45% to the S&P’s 3.7% advance.
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