LCID: falls almost 10% after hours. Link here.
Lucid Motors shares fell in extended trading as the pure-play electric vehicle maker reported a Q1 revenue and earnings miss, as concerns about profitability and production mount for the California-based company.
For the quarter, Lucid reported top-line revenue of $149.4 million, missing estimates of $197.8 million and below the $257 million Lucid reported last quarter, though it was significantly higher than the $57.7 million Lucid reported a year ago.
In terms of profitability, Lucid report an adjusted EPS loss of $0.43, wider than the $0.40 loss per share expected by Wall Street.
Lucid said it ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the company into at least Q2 of 2024.
"We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow," said Peter Rawlinson, Lucid's CEO in a statement.
Meanwhile, Ford earnings / guidance, from five days ago:
Legacy gas-powered vehicles, led by F-150 trucks, underpinned Ford's Q1 profits.
Meanwhile, the automaker lost $722 million on its ambitious shift to electric vehicles, the Ford earnings release showed.
The unchanged 2023 outlook — despite the strong Q1 beat — implies some pressure in the second half of the year from macro uncertainty and easing of pricing power, analysts at Bank of America wrote in a note to clients Wednesday morning.
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