Electric vehicle company Lucid Group LCID reported second-quarter financial results after the market close Monday. Here are the key highlights.
What Happened: Lucid reported second-quarter revenue of $150.9 million, which missed a Street estimate of $201.9 million, according to data from Benzinga Pro.
The company reported a loss of 40 cents per share, which missed a Street estimate of a loss of 35 cents for the second quarter.
Lucid said it delivered 1,404 vehicles in the second quarter.
Aston Martin selected the company’s technology for powertrain and battery systems in contracts totaling over $450 million.
The Lucid Air All Wheel Drive will start at $82,400.
Lucid ended the quarter with $6.25 billion in total liquidity. The company raised $3 billion in the second quarter, including $1.8 billion from the Public Investment Fund. The company said its current liquidity is expected to cover production for the Lucid Gravity and “into 2025.”
"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin,” Lucid CEO Peter Rawlinson said.
Related Link: Lucid Takes A Leaf From Tesla’s Playbook, EV Startup Aggressively Cuts EV Prices Ahead Of Q2 Results
What’s Next: Lucid said it is planning to start production of the Lucid Air Sapphire and the Lucid Air Pure Real Wheel Drive in mid-September.
The company plans to unveil the Lucid Gravity in November, with the SUV having an anticipated production start date in late 2024.
Lucid said it's on track to manufacture 10,000 vehicles in 2023. The company said it began shipments to Saudi Arabia as part of a previous contract.
“We look forward to exciting new products in the second half of the year,” Rawlinson said.
LCID Price Action: Lucid shares were trading 4.52% higher at $6.70 in after-hours trading Monday versus a 52-week trading range of $5.46 to $19.70.
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Photo courtesy of Lucid Group.
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