Lucid Group Inc. stock fell more than 14% in after-hours trading Monday after the luxury EV maker cut its production outlook, citing “extraordinary” supply-chain and logistics problems, and its quarterly losses ballooned to more than $1 billion.
said it lost $1.05 billion, or 64 cents a share, in the fourth quarter, compared with losses of $297 million, or $11.11 a share, in the year-ago quarter.
Revenue hit $26.4 million, from $3.6 million a year ago, Lucid said.
Analysts polled by FactSet expected Lucid to report an adjusted loss of 35 cents in the quarter on sales of around $37 million.
The quarterly revenue included $21.3 million from the first few deliveries of the Lucid Air “dream edition,” which started in October.
Lucid delivered 125 cars to customers in the fourth quarter, with total production topping 400 vehicles to date and more than 300 deliveries to customers, it said.
Lucid also said it has also taken more than 25,000 reservations as of Monday, pegging potential sales at more than $2.4 billion. Lucid said the expansion of its Arizona plant is on track.
Crucially, however, it slashed its 2022 production outlook for the Lucid Air, a luxury EV sedan, to between 12,000 vehicles and 14,000 vehicles, citing the supply-chain problems and its “continued focus on quality.”
Yearly production was expected to be around 20,000 vehicles.
The new outlook “reflects the extraordinary supply-chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products,” Chief Executive and Chief Technology Officer Peter Rawlinson said in a statement.
“We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” he said.
Separately, Lucid said it has signed agreements with Saudi Arabia’s government to lay the groundwork for a “full production” plant in Saudi Arabia.
Lucid estimated that its first international manufacturing plant could add up to $3.4 billion of value over the next 15 years, enabling Lucid to address “growing demand” for its vehicles.
Lucid will fully own the plant, it said. The EV maker said it hopes to make up to 150,000 vehicles a year at the plant, with construction expected to start in the first half of this year.
Vehicles made at the factory would be sold in Saudi Arabia at first, but Lucid plans to export the vehicles to other, undisclosed countries.