Lucid's stock was on track Thursday to mark its biggest drop in more than a year after quarterly results did little to allay concerns about the EV maker.
Lucid Group Inc.’s stock on Thursday was on track to mark its biggest drop in more than a year, after quarterly results that did little to allay ongoing concerns about the electric-vehicle maker. Those concerns include worries that a takeover could happen soon.
Lucid LCID late Wednesday reported a narrower-than-expected fourth-quarter loss but sales that were below Wall Street expectations. The company’s order book shrunk further, and production guidance was lower than analysts had hoped. “In addition, we are pushing out 2024+ estimates and now expect it could take until 2027+ to break even on an operating and free cash flow basis ,” the analyst said in his note.Lucid “will need to raise more capital sooner than we had previously expected,” Murphy said.
Lucid guided for the production of between 10,000 and 14,000 vehicles this year, up from the 7,180 vehicles produced in 2022. That’s below expectations going into the report of about 20,500 units, Emmanuel Rosner with Deutsche Bank said. Chris McNally with Evercore ISI zeroed in on the reservation number. Lucid said Wednesday it had more than 28,000 reservations for its luxury EVs, down from more than 34,000 in November and 37,000 reported in August.
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