Lucid Group Inc (NASDAQ:LCID) shares are sliding Wednesday morning after the company reported financial results that came in below analyst estimates.
What Happened: Lucid reported third-quarter revenue of $195.5 million, which missed average analyst estimates of $209.06 million, according to Benzinga Pro. The company reported a quarterly net loss of 40 cents per share, which missed average analyst estimates for a loss of 31 cents per share.
Lucid said it produced 2,282 vehicles in the third quarter, more than tripling production from the second quarter. The luxury EV company delivered 1,398 vehicles during the quarter.
Lucid ended the quarter with $3.85 billion in cash and equivalents, which is expected to fund the company at least into the fourth quarter of 2023.
"I'm delighted to say that we've made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles," said Peter Rawlinson, CEO and CTO of Lucid.
"I'm also pleased to announce that we've now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up."
Lucid noted that demand remains strong as the company has more than 34,000 reservations. Lucid plans to open reservations for its "Project Gravity SUV" in early 2023. The company continues to expect "significant" revenue growth as volumes ramp up.
See Also: Lucid Q3 Earnings Highlights: Record Production, On Pace For 6K To 7K Vehicles Annually, Over 34,000 Reservations And More
LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $11.87.
The stock was down 8.56% at $12.34 at time of publication.
Photo: courtesy of Lucid.
