Lucid Motors is anticipated to face tough questions on its future when the EV startup posts first-quarter earnings after the market shut Monday.
The business newcomer delivered simply 1,406 automobiles within the January-March interval, effectively shy of the tempo wanted to satisfy its full-year forecast of between 10,000 and 14,000 Air sedans from its Arizona manufacturing unit.
Whereas Lucid suffered from provide bottlenecks final yr for the Air, CEO Peter Rawlinson mentioned in February that it now faces a requirement shortfall. Its second car, the Gravity crossover, is anticipated subsequent yr.
Lucid, which is majority owned by Saudi Arabia’s Public Investment Fund, has seen manufacturing and supply numbers fall from the fourth quarter of 2022.
Lucid reported 1,932 deliveries and a web lack of $473 million for the October-December interval. Zacks Equity Research mentioned on May 1 it expects Lucid to put up the next web loss for the primary quarter of this yr.
In the wind-up to Monday’s earnings name, traders submitted questions for consideration. Among them: What’s the plan for the demand scarcity? When will extra reasonably priced fashions be made? And if there is a recession, does Lucid have sufficient money to outlive it?
The hottest query, with greater than 14,000 votes, took subject with Lucid’s projections again in 2021, previous to itemizing shares on the inventory market. Lucid mentioned on the time that it anticipated to realize about 49,000 deliveries in 2023 throughout two fashions, the Air and Gravity. Lucid launched the Air in late 2021.
“Peter, you have said ‘I like to under-promise and like to over-deliver,'” the query started. “When will we see under-promising and over-delivering? It has been the complete opposite so far.”
Lucid’s inventory worth has misplaced about two-thirds of its worth over the previous 12 months. The firm’s headquarters is situated in Newark, Calif., just a few miles from Tesla’s Fremont manufacturing unit.
Source: www.autonews.com