The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues. Lucid’s least expensive model, the Air Touring, sells for 107,400, competing for wealthy buyers with companies like Mercedes-Benz and Porsche that have introduced luxury electric cars. Shares of Lucid fell as much 10.6% in extended trading. The company's net loss narrowed to $472.6 million, or 28 cents per share, from a loss of $1.05 billion, or 64 cents per share, a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv. The base Air Pure spec will launch first with a 480-horsepower, dual-motor powertrain (adding 5,500 to the bottom line) with production beginning this December. Revenue rose to $257.7 million in the quarter ended Dec. ![]() At the end of the third quarter, it had $1.26 billion in cash reserves. As CEO Peter Rawlinson said during his opening remarks, ' Lucid Air is designed for mass, mass production.' The flashy Dream Edition, which Rawlinson called remarkable, includes a lot. ![]() Since then, multiple iterations of the car have gone into production including the Pure, Touring, Grand Touring, Dream Edition Range, and finally the Dream Edition Performance which is also the main one well be referencing in this post. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The Lucid Air was first announced in November 2020. That's a 40% jump from 2022, but well below analysts' expectations of $2.24 billion. House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. ![]() This year, the company will focus on improving production and deliveries, and will take a "vigorous and comprehensive" look at driving down operating and manufacturing costs. Finance chief Sherry House said Lucid would not publish quarterly reservation numbers going ahead.
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