Lucid Group Inc. shares fell 8.4% within the prolonged session Wednesday after the EV maker reported a blended fourth quarter, with income under Wall Street estimates, and manufacturing steering additionally dissatisfied.
Lucid
LCID,
misplaced $654 million, or 29 cents a share, within the fourth quarter, in contrast with a lack of $473 million, or 28 cents a share, within the year-ago interval.
The EV maker’s income fell to $157.2 million, from $258 million a yr in the past.
Analysts polled by FactSet anticipated Lucid to report an adjusted lack of 30 cents a share on income of $180 million.
Lucid guided for 2024 manufacturing of about 9,000 autos, which spooked buyers. Rivian, the opposite EV maker reporting quarterly outcomes late Wednesday, additionally issued a lower-than-expected manufacturing steering for the yr, underscoring considerations round demand for EVs.
Lucid reported “a relatively in line” quarterly and 2023 outcomes, Tom Narayan with RBC Securities stated in a notice. More importantly, nevertheless, the manufacturing steering is “far below consensus expectations,” he stated. RBC was anticipating the manufacturing of round 9,500 autos in 2024.
The firm produced 8,428 autos final yr, on the larger finish of its 2023 manufacturing steering of 8,000 to eight,500 autos and proper round FactSet expectations.
Lucid shares have misplaced about 63% prior to now 12 months, which contrasts with positive factors of round 24% for the S&P 500 index
SPX.
Source web site: www.marketwatch.com
