https://www.cnbc.com/2023/02/22/lucid-lcid-earnings-q4-2022.html

Electrical car maker Lucid on Wednesday reported fourth-quarter income that fell wanting expectations after constructing simply 7,000 of its Air luxurious sedans final 12 months amid manufacturing challenges. However the firm mentioned it expects to make between 10,000 and 14,000 automobiles in 2023.

Shares of the corporate fell roughly 7% in afterhours buying and selling.

Right here’s what the corporate reported for the fourth quarter of 2022:

Loss per share: 28 cents

Income: $257.7 million, vs. $303 million, in line with Refinitiv consensus estimates

Lucid’s quarterly income marks a pointy improve from the identical interval final 12 months, when it had simply begun manufacturing of the Air sedan and introduced in $26.4 million. The corporate’s backside line likewise improved, coming in narrower than the 64-cent loss per share it posted within the year-ago interval.

The corporate ended the 12 months with about $4.4 billion in money and roughly $500 million obtainable by way of strains of credit score, sufficient to final till the primary quarter of 2024, chief monetary officer Sherry Home advised CNBC. Lucid had $3.85 billion in money as Sep. 30; it raised a further $1.5 billion from Saudi Arabia’s Public Funding Fund and different traders by way of an fairness providing in December. The Saudi public wealth fund owns about 62% of Lucid.

Lucid mentioned in January that it produced 7,180 automobiles in 2022, effectively under its unique expectation of 20,000 for the 12 months however sufficient to beat the lowered steering it supplied in August. However it delivered simply 4,369 of these Air sedans to prospects earlier than year-end.

“Our aim in 2023 is to amplify our gross sales and advertising and marketing efforts to get this wonderful product into the palms of much more prospects around the globe,” CEO Peter Rawlinson mentioned.

Lucid mentioned it had greater than 28,000 reservations for its automobiles as of Feb. 21, down from “over 34,000” reservations in its final replace on Nov. 7.

The corporate mentioned in April that Saudi Arabia’s authorities had agreed to purchase as much as 100,000 of its automobiles over the following 10 years. These automobiles aren’t included in its reservation totals.