An aerial photo shows a sign posted on the exterior of Lucid’s headquarters in Newark, California on March 29, 2023. Electric car maker Lucid has announced plans to lay off his 1,300 employees, or 18% of its workforce, as part of a restructuring plan.
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luxury electric car manufacturer lucid group .
Shares fell more than 8% in after-hours trading on the news.
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CEO Peter Rawlinson said, “We plan to produce over 10,000 vehicles in 2023, and there is a company-wide initiative to allow Lucid to pivot to larger volumes as market conditions permit. In progress, Lucid led 10,000 to 14,000 vehicles into production in 2023 in February.
Here are Lucid’s key numbers First quarter earnings reportand the Wall Street consensus estimate reported by Refinitiv:
- Loss per share: 43 cents
- Earnings: $149.4 million vs. expected $209.9 million.
Analysts surveyed by Refinitiv had expected a loss of 41 cents per share, but it wasn’t immediately clear if the final result would match that estimate.
Lucid posted a net loss of $779.5 million (43 cents per share) in the first quarter, well above its $81.3 million (5 cents per share) loss. Q1 2022, when they were still ramping up the production of the Air. However, earnings jumped year-over-year from his $57.7 million to his $149.4 million.
Lucid ended the first quarter with approximately $3.4 billion in cash and approximately $700 million in credit facilities. Finance chief Sherry House said he should have enough cash to fund the company through the second quarter of 2024, at least.
EV makers had about $4.4 billion in cash and an additional $500 million in credit at the end of 2022.
Lucid recently moved to save cash. You said you would do it in March. Approximately 18% reduction in workforceabout 1,300 workers, to keep spending down.
the company is still working request concerns.
Production of “over 10,000” Air sedans planned for 2023 is well below the company’s recorded “over 28,000” reservations. Fourth quarter earnings report in February.And in April, Lucid said 2,314 Airs produced in Q1 Only 1,406 units were delivered to customers during this period, which the company blames on “a slow January” and changes to the US government’s EV tax credit.
In another sign of possible weak demand for Air, Lucid declined to provide the latest booking numbers on Monday.
Lucid said on April 25 that its next model, a large electric SUV called Gravity, is on track. Production to start in 2024We plan to release Gravity later this year.
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