Lucid Motors (LCID) significantly missed earnings estimates for its fourth quarter late Monday and slashed 2022 production outlook. Earlier, Lordstown Motors (RIDE) joined Nikola (NKLA) in reporting smaller-than-feared losses. Lucid stock fell hard in afterhours trade.
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Saudi-backed Lucid also announced a plant in Saudi Arabia in a separate release late Monday. Among EV startups, Lucid is generally seen as a more credible, potential Tesla (TSLA) challenger because it’s actually delivering vehicles.
Lucid Earnings
Estimates: Analysts expected Lucid to lose 35 cents a share on revenue of $36.7 million. In Q3, Lucid reported a 43-cents-a-share loss, worse than expected.
Results: Lucid lost 64 cents a share on revenue of $26.392 billion.
Outlook: Lucid updated 2022 production guidance. It’s now forecasting 12,000-14,000 vehicles, vs. 20,000 earlier.
“This reflects the…
