Zinger Key Points
- Lucid shares appear to be facing selling pressure due to weaker-than-expected revenue results and lower production guidance.
- Lucid downwardly revised its full-year production outlook from a previous outlook of 10,000 to a range of 8,000 to 8,500.
- Discover Fast-Growing Stocks Every Month
Lucid Group Inc LCID reported third-quarter financial results Tuesday after the bell. Here's a rundown of the report and a look at what's driving shares lower after hours.
Lucid Group Q3 Earnings: Lucid reported third-quarter revenue of $137.81 million, which missed the consensus estimate of $183.84 million, according to Benzinga Pro. The electric vehicle maker reported a quarterly loss of 28 cents per share, which beat analyst estimates for a loss of 35 cents per share.
Lucid said its quarterly results were driven by customer deliveries of 1,457 vehicles in the quarter. Production of the company's Lucid Air Pure RWD vehicle began in September and is in the process of ramping up. Lucid Air Sapphire production also began in September.
Lucid highlighted the opening of its first manufacturing plant in Saudi Arabia during the third quarter.
"We are seeing results from our targeted marketing approach, as the majority of new demand came from customers who had their first contact with Lucid in the quarter," said Sherry House, CFO of Lucid.
"We’ve also made progress with the cost control program we implemented in the first half of the year and have identified further opportunities for 2024."
Lucid ended the quarter with $5.45 billion in liquidity, which is expected to carry the company into 2025.
Lucid Group Outlook: Lucid downwardly revised its full-year production outlook from a previous outlook of 10,000 to a range of 8,000 to 8,500.
Lucid said its new electric SUV, Lucid Gravity, will be unveiled on Nov. 16. The start of production for the vehicle remains on track for late 2024, the company said.
Lucid shares appear to be facing selling pressure due to weaker-than-expected revenue results and the lowered production guidance. Management will hold a conference call to discuss these results at 5:30 p.m. ET.
Don't Miss This: Lucid Q3 Earnings Trading Strategies
LCID Price Action: Lucid shares were down 2.33% after hours at $4.20 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Lucid.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
