Lucid Group (LCID) Shares Plunged 13% on Disappointing Q4 Results

Lucid Group (NASDAQ: LCID) shares dropped more than 13% after-hours following the company’s reported Q4 results, with EPS of ($0.64) coming in worse than the consensus estimate of ($0.35). Revenue was $26.4 million, compared to the consensus estimate of $36.74 million.

The company delivered 125 cars to customers in Q4. The company achieved a total production of over 400 vehicles to date and over 300 deliveries to customers. The company’s customer reservations are now over 25,000, reflecting a potential sale of more than $2.4 billion.

The company updated its outlook for 2022, expecting the production of Lucid Air to range from 12,000 to 14,000 vehicles, reflecting extraordinary supply chain and logistics issues and the company’s unrelenting focus on delivering the highest quality products.

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