Lucid announced revenue of $150.9 million in Q2 2023 driven by customer deliveries of 1,404 electric vehicles.
Luxury electric vehicle manufacturer Lucid Group Inc (NASDAQ: LCID) shares closed on August 7, 2023, trading at $6.41, down 3.17 percent from the day’s opening value. However, Monday’s losses were almost obliterated during after-hours with a 3.12 percent gain. The tweak in Lucid shares on Monday was attributed to the announcement of the Q2 2023 financial results that largely missed Wall Street expectations. Notably, the electric vehicle company reported a revenue of $150.9 million versus the $175 million expected by analysts surveyed by Refinitiv. Additionally, Lucid announced a loss per share of about 40 cents whereas analysts surveyed by Refinitiv expected a loss per share of 33 cents.
Lucid and Its Q2 2023 Financial Statement
According to the announcement, the company noted that it is on track for annual production guidance of more than 10k vehicles. During the second quarter, the company announced that it delivered 1,404 electric vehicles to customers. As a result, the company announced a $6.25 billion in total liquidity as of June 30, 2023, on its balance sheet.
However, Lucid failed to meet Wall Street expectations on vehicle deliveries by about 600 units during the second quarter. Worth noting that the company delivered 1,406 vehicles during the first quarter of 2023, and 679 vehicles in the second quarter of 2022.
In a statement through the announcement, Peter Rawlinson, Lucid’s CEO, and CTO, highlighted that the future is bright for the luxury electric vehicle industry, especially after signing a long-term strategic partnership with Aston Martin.
“We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November,” Rawlinson noted.
During the second quarter, Lucid announced that it raised $3.0 billion in capital, including $1.8 billion from the PIF. As a result, the company’s strong balance sheet is expected to bolster its production of more vehicles including Lucid Gravity.
“In addition, the targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program,” Sherry House, Lucid’s CFO, said.
In a bid to compete with Tesla Inc (NASDAQ: TSLA) in sales and production, Lucid announced price cuts of about $12,400 in the Air model. Additionally, the electric vehicle company reduced the price of the base-model Air Pure by $5,000, to $82,400. As for the company’s higher-end trims, Touring and Grand Touring, a price cut of $12,400 to $95,000 and $125,600, respectively was applied.