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Lucid Motors reported its Q4 earnings with revenue at $157.2 million, falling short of the estimated $178.4 million. The electric vehicle (EV) startup also reported a loss per share of $0.29 and an adjusted EBITDA loss of $604.6 million, which was better than the estimated loss of $667.1 million. However, Lucid's financial performance highlighted significant challenges, including a net loss of $636 million in Q4, up 35% year-over-year, and a total net loss of $2.8 billion for 2023. The company lost about $377,000 for every vehicle delivered in Q4 2023. It delivered 6,001 vehicles in 2023, far below its initial projection of 49,000 vehicles, resulting in a revenue of $595 million against a forecast of $5.3 billion, marking a down of 39% YoY. Lucid also revised its vehicle production forecast for 2024 down to 9,000 vehicles from an initial prediction of 90,000. The company reported $4.78 billion in total liquidity at the end of the fourth quarter but had a negative free cash flow of $3.4 billion for 2023. Following these results, Lucid's stock dropped nearly 5%, reflecting investor concerns over the company's performance and future outlook.
Lucid's anticipated 2024 vehicle production is lower than what Wall Street was expecting. https://t.co/psKIEAMtBW
$LCID fell just a weee bit short of it's projection in their SPAC deck of 10 Billion dollars in revenue for 2023 Coming in at a cool $585 million
$LCID feel just a weee bit short of it's projection in their SPAC deck of 10 Billion dollars in revenue for 2023 Coming in at a cool $585 million