Lucid Group Inc on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours.
Lucid said it had more than 28,000 orders as of Feb. 21, down 6,000 reservations from the second quarter, after it delivered about 1,900 vehicles and saw cancellations. That was despite Lucid's offering a discount of $7,500 on Feb. 9 for purchases of certain variants of the Air sedan before March 31.This year, the company will focus on improving production and deliveries, and will take a "vigorous and comprehensive" look at driving down operating and manufacturing costs.
Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. At the end of the third quarter, it had $1.26 billion in cash reserves. The company's net loss narrowed to $472.6 million, or 28 cents per share, from a loss of $1.05 billion, or 64 cents per share, a year earlier.
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