"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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Super Bowl merchandise sales in Phoenix up 14% over last year in LA - Phoenix Business JournalSuper Bowl LVII was a success on multiple fronts it appears. Only one Super Bowl Experience in history outsold the 2023 Super Bowl week in Phoenix — Super Bowl 50 in the Bay Area — but that store was open one day longer than the Phoenix one.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Expanded Clarendale Arcadia senior living in Phoenix targeted for spring opening - Phoenix Business JournalA key trend for a modern senior living community is accessibility to neighborhood amenities, especially walkable ones for the seniors who live there, the developer of the project said.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Engel & Volkers lists award-winning Paradise Valley mansion - Phoenix Business JournalAn award-winning mansion designed by C.P. Drewett and built by BedBrock Developers is listed for $11.95 million. Take a sneak peek into the home in a photo gallery showing the amenities inside and outside the residence.
Source: phxbizjournal - 🏆 254. / 63 Read more »
A memo to Governor Katie Hobbs on supporting Arizona entrepreneurs - Phoenix Business JournalIn this guest column, a University of Arizona professor who also runs a biotech startup offers his thoughts to newly elected Arizona Governor Katie Hobbs on ways she could support and encourage the state's entrepreneurial ecosystem.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Arizona nonprofits ready to work with lawmakers on sound public - Phoenix Business JournalIn this guest column, two Valley executives examine the public policy goals that Arizona's nonprofit and philanthropy sector organizations will be focused on during the 2023 legislative session.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Occupational licensing in the crosshairs amid the tight labor market - Phoenix Business JournalMany states are taking aim at occupational licensing in the tight labor market. Not everybody is happy about it. Here's what businesses need to know.
Source: phxbizjournal - 🏆 254. / 63 Read more »