Lucid Group Inc said on Wednesday it expects to produce at least 10,000 vehicles this year, as it looks to capture a larger share of the electric vehicle market in a price war waged by Tesla Inc.
Lucid expects to produce 10,000 to 14,000 luxury electric vehicles by 2023, up from 7,180 vehicles produced last year. Analysts on average expected the company to produce 21,815 vehicles, according to Visible Alpha.
The luxury electric automaker’s fourth-quarter revenue fell short of analysts’ expectations as Lucid delivered fewer vehicles than it produced.
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Price cuts by the world’s most valuable automakers Tesla Inc and Ford Motor Co are making it harder for companies like Rivian Automotive Inc and Lucid to grab share in an industry competing for shrinking consumer wallets.
Lucid’s revenue rose to $257.7 million in the quarter ended Dec. 31, from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv.
Net loss was $472.6 million, or 28 cents a share, compared with a loss of $1.05 billion, or 64 cents a share, a year earlier.
First published date: February 23, 2023 at 10:00 AM CST
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