Lucid Motors USA signs agreements for a full production factory in Saudi Arabia
The agreements are expected to accelerate Saudi Arabia's strategic goal to transform and diversify its economy through the development of sustainable energy and transportation. Lucid estimates that the location of Lucid's first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years, and the facility will enable Lucid to address growing demand for Lucid's products.
Lucid Motors USA misses by $0.34, misses on revs; updates 2022 production guidance range to 12,000-14,000 vehicles, reflecting "extraordinary supply chain and logistics challenges"
- Reports Q4 (Dec) loss of $0.64 per share, $0.34 worse than the two analyst estimate of ($0.30); revenues rose 633.3% year/year to $26.4 mln vs the $59.87 mln two analyst estimate.
- Lucid delivered 125 cars to customers in the fourth quarter, with total production exceeding 400 vehicles to date and over 300 deliveries to customers.
- Lucid has also taken over 25,000 customer reservations as of today, reflecting potential sales of more than $2.4B.
- "Looking ahead, we're updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we've encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars."
Lucid Motors (LCID) significantly missed earnings estimates for its fourth quarter late Monday and slashed 2022 production outlook.
Estimates: Analysts expected Lucid to lose 35 cents a share on revenue of $36.7 million. In Q3, Lucid reported a 43-cents-a-share loss, worse than expected.
Results: Lucid lost 64 cents a share on revenue of $26.392 billion.
Outlook: Lucid updated 2022 production guidance. It's now forecasting 12,000-14,000 vehicles, vs. 20,000 earlier.
"This reflects the extraordinary supply chain and logistics challenges we've encountered," CEO Peter Rawlinson said in a release.
As of Feb. 28, Lucid had reservations for more than 25,000 Lucid Air EVs. That's up from 13,000 at the end of Q3 2021. It has produced 400 EVs and delivered 300 EVs, after starting deliveries in Q4 2021.
Among U.S. EV startups, Lucid may be Tesla's nearest challenger, along with Rivian (RIVN). Last quarter, Lucid began initial deliveries of the $169,000 Air Dream EV, which topped the longest-range Model S with more than 500 miles in driving range. The Lucid Air went on to win accolades, including MotorTrend's 2022 Car of the Year award.
The Lucid Air is the only EV from a startup that's "in the same league as a Tesla product in terms of range, horsepower and other advantages," CFRA analyst Garrett Nelson said in November. Rivian also began initial deliveries in Q4 last year.
As of November, Lucid had 17,000 reservations for the Air. It also has a war chest of $4.8 billion in cash, thanks to its February 2021 deal to go public through a special purpose acquisition company (SPAC) deal with Churchill Capital Corp IV.
