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Lucid Reports Earnings Today. What to Expect.

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Wall Street projects a per share loss of 40 cents from sales of about $178 million, according to Bloomberg. Lucid reported a 40 cent loss from sales of $151...

Electric vehicle start-up Lucid reports third-quarter numbers on Tuesday evening amid a rough patch for the company and the industry. Investors will want to see signs that demand for Lucid’s high-end EVs is turning around.

A loss isn’t surprising. Investors want to see improvement. The company is expected to have used about $890 million in cash building its business in the third quarter, down from $900 million used in the second quarter of 2023. Wall Street projects cash use of about $900 million to $1.1 billion for each of the next few quarters.Lucid produced 1,550 units in the third quarter and made about 6,000 in the first nine months of 2023.

Spear Invest founder Ivana Delevska tells Barron’s that part of Lucid’s issue is its product lineup. Lucid sells higher-end vehicles that can cost more than $100,000. When Tesla started selling its high-price Model S in 2012, it was essentially the only EV seller of significance. Now the market segment is crowded with many high-end sedans from auto makers including Tesla, Mercedes-Benz , BMW , and others.

Part of the decline is related to weak production. Investors have been worried about slowing EV demand after weak earnings reported by Tesla on Oct. 18. That report was followed by Ford Motor and General Motors slowing EV-related spending and weak fourth-quarter sales guidance from EV supplier ON Semiconductor .

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