Lucid Group Inc. has disclosed its fourth-quarter 2023 financial results, highlighting key figures that indicate both achievements and challenges for the luxury electric vehicle manufacturer. The company’s performance in Q4 saw it deliver 1,734 vehicles, bringing its total 2023 deliveries to 6,001 vehicles. Lucid also produced 2,391 vehicles in Q4 and 8,428 vehicles throughout the fiscal year, meeting the upper end of its adjusted target range of 8,000 to 8,500 vehicles.
Despite meeting its production targets, Lucid fell short of Wall Street’s revenue expectations for Q4 2023. The company reported revenue of $157.2 million, missing analysts’ estimates of $178.33 million. However, Lucid’s earnings per share (EPS) fared slightly better than expected, with a Q4 loss of $0.29 per share compared to the consensus estimate of $0.30 per share.
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Lucid’s financial results suggest that the company incurred a loss of approximately $377,000 for each vehicle sold in the fourth quarter. Looking ahead, Lucid appears to be adopting a cautious approach to its 2024 targets, aiming to produce around 9,000 vehicles over the year. Lucid’s Interim CFO, Gagan Dhingra, discussed the company’s 2024 targets during the Q4 2023 earnings call, emphasizing a prudent management strategy to meet sales and delivery needs.
“We forecast production of approximately 9,000 vehicles in 2024, and we’ll continue to prudently manage and adjust our production to meet our sales and delivery needs. Although we don’t typically provide quarterly forecasts, I would remind you that the North American market is typically down sequentially in the first quarter. However, we expect to deliver vehicles in Saudi Arabia that we were not able to deliver in the fourth quarter of 2023,” Dhingra stated.
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Despite facing challenges, Lucid CEO Peter Rawlinson remains optimistic about the company’s future prospects. Rawlinson highlighted Lucid’s long-term investment in technology, manufacturing, and partnerships, aiming to solidify its position as the premier luxury EV brand globally.
“Lucid is investing for the long term in technology, manufacturing, and partnerships to further solidify our place in the market as the premier luxury EV brand in the world. In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth,” Rawlinson expressed.
