Lucid Group Inc. shares fell nearly 5% 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; the FactSet expectation is for 14,000 vehicles. 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.
