Lucid’s Q4 revenue below estimates, raises production target in 2024

Lucid Group reported quarterly losses as revenue declined due to weak consumer demand for electric vehicles (EVs) but expects production to increase to 9,000 EVs in 2024.

The American EV maker's business results showed a net loss of $653.8 million for Q4 2023, compared to $472.65 million a year ago.

Lucid's adjusted loss per share reached nearly 29 cents during the three-month period ended December 31, 2023, which came in line with the expectations of Wall Street analysts.

The company achieved quarterly revenue of $157.2 million, compared to $257.7 million in Q4 2022, which was lower than the average analyst estimate of $179.9 million.

The company produced 2,390 vehicles during the fourth quarter and delivered 1,730 during the same period. On a full-year basis, Lucid produced 8,430 vehicles and delivered 6,000 cars (+37% annually).

Lucid shares fell in the post-trade session by 6.2% at 12:56 AM Makkah time after ending Wednesday’s session up by 0.55% at $3.7.