Shulou(Shulou.com)11/24 Report--

According to news in the morning of February 23, Beijing time, Lucid, the new force of electric car manufacturing in the United States, released its latest financial report on Wednesday local time. The company's order stock fell in the fourth quarter of last year, and its 2023 production target fell short of analysts' expectations, according to the results. Lucid shares then tumbled 11 per cent in after-hours trading.

The company announced that it aims to produce 10, 000 to 14000 high-end luxury electric vehicles this year, up from 7180 last year. However, according to professional statistics, Wall Street analysts' average forecast for the company's production this year is 21815 vehicles, which is a far cry from Lucid's actual target.

Lucid, headquartered in Newark, California, is a cutting-edge American electric car maker backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund.

According to the report, the company delivered a total of 4369 electric cars last year, far less than the production of 7180.

In the US electric car market, consumers are getting closer and closer to their wallets due to various factors. at the same time, powerful manufacturers such as Tesla (the world's largest electric car manufacturer by market capitalization) and Ford Motor have launched a price war, which makes it difficult for new car makers like Rvian and Lucid to grab market share.

Lucid reported that as of February 21 this year, the company had received orders for 28000 electric vehicles. The company's electric car orders fell by 6000 compared with the end of the second quarter of last year, mainly because some orders have been delivered and consumers have cancelled orders.

Garrett Nelson (Garrett Nelson), an analyst at CFRA Research, said some Lucid customers were disappointed that they had to wait a long time to pick up their cars after booking.

The analyst said that compared with a year ago, the competition in the US electric car market is more intense, and there are a large number of cheaper electric cars to choose from than the "Lucid Air", the company's main model.

At the end of last year, Lucid had $1.74 billion in cash, and it's worth noting that it raised $1.52 billion in December. At the end of the third quarter of last year, the company had $1.26 billion in cash.

In the fourth quarter of last year, Lucid had sales of $257.7 million, up from $26.4 million a year earlier. Wall Street analysts expect the company to generate $302.6 million in revenue in the fourth quarter, according to financial data firm Refinitiv, which Lucid failed to meet.

In the fourth quarter, the company posted a net loss of $472.6 million, or 28 cents a share, but the good news is that the company's loss is shrinking, with a loss of $1.05 billion, or 64 cents a share, in the fourth quarter of 2021.

It is reported that last year, the company encountered supply chain problems in the electric car industry and then halved its production target for 2022, a move that wiped 82 per cent of its market capitalization for the whole of last year.

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