Lucid Q4 & 2023 financial report: losses widen, 2024 outlook remains dim

Lucid has published its financial report for the fourth quarter and full year 2023, and not unlike Rivian, unveiled a mixed bag of results

In the fourth quarter of 2023, Lucid reported a loss of $654 million, compared to $473 million in the same quarter last year. The company reported revenue of $157.2 million, a significant decline of 39% from the same period last year, and off analyst expectations of $180 million.

The decline in revenue was attributed to the fact the automaker delivered only 1,734 vehicles in the final three months of the year, falling short of both the previous year’s figures and market expectations.

Even with the low sales volume, Lucid produced 2,391 vehicles in the fourth quarter, bringing their annual production to 8,428 units. While Lucid said this aligned with the upper end of their guidance for 2023, that was a revised figure and well off their original target of more than 14,000 units they had set at the beginning of the year.

For the full year, Lucid reported a massive $2.83 billion loss, growing from the $2.56 billion loss the company reported for 2022. Revenue also dropped year-over-year (YoY), going from $608 million in 2022 to $595 million in 2023.

Looking ahead to 2024, and the picture doesn’t get any better. Lucid has set a production target of approximately 9,000 vehicles, keeping their production essentially flat YoY as they continue to struggle sell their luxury EVs. This guidance was also well off Wall Street estimates, which was expecting 14,000 units.

Despite these challenges, Lucid’s leadership remains optimistic about the company’s long-term prospects.

“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,. In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth.”

Lucid CEO & CTO Peter Rawlinson

Lucid has attempted to jumpstart sales in 2024 with massive price cuts across its entire lineup. Announced last week. the entry-level Air Pure now starts at $96,800 in Canada and $69,900 in the US.

Also announced last week, CEO Peter Rawlinson was awarded a $6 million cash bonus by the company’s board for helping to unveil the Lucid Gravity SUV.

Shares in Lucid (LCID) dropped nearly 10% in after-hours trading.

You can read Lucid’s full report below.

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