Lucid Group Inc. shares fell 8.4% in the extended session Wednesday after the EV maker reported a mixed fourth quarter, with revenue below Wall Street estimates, and production guidance also disappointed.
Lucid
LCID,
lost $654 million, or 29 cents a share, in the fourth quarter, compared with a loss of $473 million, or 28 cents a share, in the year-ago period.
The EV maker’s revenue fell to $157.2 million, from $258 million a year ago.
Analysts polled by FactSet expected Lucid to report an adjusted loss of 30 cents a share on revenue of $180 million.
Lucid guided for 2024 production of about 9,000 vehicles, which spooked investors. Rivian, the other EV maker reporting quarterly results late Wednesday, also issued a lower-than-expected production guidance for the year, underscoring concerns around demand for EVs.
Lucid reported “a relatively in line” quarterly and 2023 results, Tom Narayan with RBC Securities said in a note. More importantly, however, the production guidance is “far below consensus expectations,” he said. RBC was expecting the production of around 9,500 vehicles in 2024.
The company produced 8,428 vehicles last year, at the higher end of its 2023 production guidance of 8,000 to 8,500 vehicles and right around FactSet expectations.
Lucid shares have lost about 63% in the past 12 months, which contrasts with gains of around 24% for the S&P 500 index
SPX.