"We're gearing for growth, while simultaneously taking a comprehensive look at reducing costs, and I'm very excited about the opportunities that lie ahead of us," Sherry House, Lucid's chief financial officer, said in a press release.
In the just-completed quarter, Lucid lost $472.6 million, or 28 cents a share, on $257.7 million in revenue. Analysts had expected more red ink but stronger sales; on average, they were looking for a loss of 42 cents a share on revenue of $303 million. The company last year repeatedly cut its production targets after running into supply chain problems. In the fourth quarter, it made 3,493 vehicles and delivered 1,932. Initially, the company forecast it would make 20,000 cars last year.
At the end of last year, following that infusion, the company had about $4.4 billion in cash on hand and about $500 million available via lines of credit. Lucid now has enough capital to get it through the first quarter of 2024, HouseCustomers have reserved 28,000 Lucid vehicles, the company said Tuesday. That's down from the more than 34,000 reservations it reported Nov. 7.
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