The Lucid Group Inc (NASDAQ: LCID) stock price fell 13.1% after its Q4, and full-year 2022 results were released. The EV manufacturer made 3,493 vehicles, representing a 53% jump from the previous quarter, bringing its total for the full year to 7,180. In addition, the annual total was above its lowered target of 6,000 to 7,000 vehicles.
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The EV maker generated revenues worth $257.7 million bringing its annual revenues to $608.2 million. The company ended the year with $4.9 billion in cash after raising $1.5 billion from the Saudi Arabia Public Investment Fund and other investors in December. The firm had $3.85 billion as of September 30, 2022.
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Lucid prides itself on having one of the longest-range EVs in the market and plans to make 10,000 to 14,000 vehicles in 2023. The company has a deal with the government of Saudi Arabia to deliver up to 100,000 EVs to the country, which is why the Saudi PIF owns a 62% stake in Lucid.
Peter Rawlinson, Lucid’s CEO and CTO, said: “Last year was a challenging year for everyone, yet despite the extraordinary supply chain and logistics challenges, the team persevered with an unrelenting focus on delivering what we believe is the best luxury sedan on the market. Lucid Air has it all — industry-leading range, exceptional driving dynamics, and superior performance, all wrapped up in a truly elegant design with a spacious interior cabin. But more importantly, the technological advances of Lucid Air are developed entirely in-house.
Sherry House, Lucid’s CFO, said: “In 2022, we scaled every part of our business while keeping a sharp focus on execution. In our first full year of production, we manufactured 7,180 vehicles and delivered 4,369 vehicles, generating revenue of just over $608 million. As we look ahead to 2023, we'll continue to focus on strong capital discipline, leaving no stone unturned for every cost optimization. We are proud of our technology and product achievements. We're gearing for growth while taking a comprehensive look at reducing costs.”
*This is not investment advice.
Lucid stock price.
The Lucid stock price fell 13.13% to trade at $8.67, from Wednesday’s closing price of $9.98.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.