A Lucid Air electrical car (EV) on the firm’s showroom in Tysons, Virginia, US, on Saturday, Feb. 17, 2024.
Samuel Corum | Bloomberg | Getty Photos
Lucid Group on Tuesday softened its manufacturing outlook for the remainder of the yr because it reported second-quarter earnings that missed Wall Road expectations.
The electrical car maker now anticipates producing between 18,000 and 20,000 automobiles for the yr after beforehand projecting a purpose of 20,000.
Interim CEO Marc Winterhoff instructed CNBC Tuesday that the corporate continues to be aiming for the excessive finish of that vary.
“I’ve by no means seen so many surprises inside a yr as this yr,” he stated. “So all of these plans are nonetheless arrange for the place we have been earlier than, however we simply need to be a little bit bit extra cautious and, subsequently, present a variety.”
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 ended June 30 in contrast with what Wall Road 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 yr. Excluding restructuring and different one-time prices, the corporate posted an adjusted loss per share of 24 cents for the quarter.
Lucid’s complete prices and bills have been up roughly 7.5% from the identical interval final yr, at $1.06 billion.
The automaker stated it ended the quarter with roughly $4.86 billion in complete liquidity.
“We’re targeted on enterprise fundamentals to realize our near-term objectives: disciplined value administration, model constructing, and persevering with to execute our Lucid Gravity launch ramp,” CFO Taoufiq Boussaid stated in a launch.
Final month, Lucid introduced that Uber would invest $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, partly by tapping actor Timothée Chalamet to star in a brand new advert marketing campaign.
However Lucid has been burning via 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 yr, however that the corporate was nonetheless going through some provide chain constraints.
Lucid stated in July that it delivered 3,309 automobiles within the second quarter, a 38.2% improve in contrast with the identical interval in 2024, however in need of analyst expectations.
Demand for pure electrical automobiles has been slower than expected, and shoppers have been gravitating towards cheaper hybrids.
The business can also be bracing for the influence of President Donald Trump’s new tax-and-spending invoice, which he signed into regulation on July 4. That laws is ready to finish the $7,500 tax credit for brand new electrical automobiles and $4,000 credit score for used EVs after Sept. 30.
Lucid inventory has fallen almost 19% to this point this yr as of Tuesday’s shut.