Lucid Group slides 10% after Q4 deliveries fall short of expectations
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Lucid Group (NASDAQ:LCID) announced that it produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during the quarter vs. the consensus expectation for 2,831 vehicles. On a full-year basis, the electric vehicle maker produced 7,180 vehicles to exceed the 2022 annual production guidance of 6K to 7K and delivered 4,369 vehicles,
As of February 21, Lucid had taken down over 28K reservations to represent potential sales of over $2.7B. The reservation number does not include the up to 100K vehicles under the agreement with the government of Saudi Arabia. Looking ahead, Lucid (LCID) expects to see 2023 annual production of 10K to 14K vehicles.
Lucid did not add more new details about the partnership or investment from the Saudi Arabia Public Investment Fund.
Shares of Lucid Group (LCID) fell 10.33% in postmarket trading, but are still up more than 50% for the year.
Read why Seeking Alpha contributor Long Term Tips thinks Lucid's growth plans could be thwarted by a raw materials shortage.