Electric vehicle (EV) maker Lucid Group Inc. (NASDAQ: LCID) has announced another troubled quarter. Its revenue was $258 million, which was short of expectations. It lost $0.28 a share ($759 million). The company built 7,180 vehicles, which was well short of the forecast number. Lucid faces a cash squeeze and concerns about its future. (Click here to see the 13 biggest electric vehicle failures in American history.)
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“The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024,” according to Chief Financial Officer Sherry House. That is a grim figure, given that Lucid will build a shockingly low number of vehicles next year.
Production figures do not get any better next year. Its production guidance was 10,000 to 14,000 for the entire year. Peter Rawlinson, Lucid’s CEO and chief technology officer, commented as the numbers were released, “Lucid Air has it all — industry-leading range, exceptional driving dynamics, and superior performance all wrapped up in a truly elegant design with a spacious interior cabin.” No one cares if they cannot buy one, and prospective buyers also have to worry about whether Lucid will be in business in two years.
Lucid’s stock trades at about $9 a share, which is down 63% in the past year. The market cap is an absurd $18 billion. Ford’s is $49 billion.
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