Lucid Motors Faces 90% Miss in Production and Revenue Goals, Cuts 2024 EV Target

Lucid Motors reported a significant shortfall in its financial and production targets for Q4, with revenue of $157.2 million versus an estimated $178.4 million, and a loss per share of $0.29. Its adjusted EBITDA loss was $604.6 million, better than the expected loss of $667.1 million. The company drastically revised its 2024 production forecast to only 9,000 EVs, a 90% miss from its initial projection of 90,000 units. This follows a year where Lucid Motors sold only 6,000 cars against a forecast of 49,000 for 2023, marking a 90% miss, and generated $595 million in revenue, significantly below the anticipated $5.3 billion, with a noted discrepancy from a projection in their SPAC deck of 10 billion dollars, coming in at $585 million. These developments fell short of Wall Street expectations, impacting the company's stock, $LCID.