Lucid Stock Is Hitting The Brakes Tuesday: What's Going On?

Lucid Group Inc LCID shares are trading lower Tuesday after the EV company reported worse-than-expected financial results for the first quarter. Production and delivery numbers fell sequentially.

What Happened: Lucid said first-quarter revenue increased 159% year-over-year to $149.43 million, which came in below consensus estimates of $209.88 million, per Benzinga Pro.

The EV company reported a quarterly loss of 43 cents per share, which missed estimates for a loss of 41 cents per share. 

Lucid produced 2,314 vehicles in the quarter and delivered 1,406, down from production of 3,493 vehicles and deliveries of 1,932 vehicles in the fourth quarter. The company said it expects deliveries to increase sequentially in the second quarter. 

Lucid ended the quarter with $3.4 billion in cash and equivalents and approximately $4.1 billion total liquidity, which is expected to fund the company "at least into the second quarter of 2024." 

Everything You Need To Know: Lucid Group Misses On Q1 Earnings: EV Manufacturer Gives Update On Production, Upcoming Gravity SUV

"We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance," said Peter Rawlinson, CEO and CTO of Lucid.

Lucid said it's on track to produce more than 10,000 vehicles in 2023. 

Analyst Changes:

• BofA Securities analyst John Murphy maintained Lucid with a Neutral and lowered the price target from $10 to $8.
• Needham analyst Chris Pierce maintains Lucid with a Buy and lowered the price target from $16 to $10.
• Cantor Fitzgerald analyst Andres Sheppard maintains Lucid with an Outperform and lowered the price target from $13 to $10.

LCID Price Action: Lucid shares were down 9.73% at $6.96 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.