earnings missed Wall Street expectations. Still, results were good enough to send share of the embattled EV maker higher in after hours trading Monday.
The company reported a second-quarter per-share loss of 40 cents from sales of about $151 million. Wall Street was looking for a per-share loss of 34 cents from sales of $182 million.
(ticker: LCID) stock was up 3.9% in late trading Monday after dropping 3.2% in regular hours trading, while the
gained 0.9% and 0.6%, respectively. Price cuts announced by Lucid weighed on shares.
More important than second-quarter earnings, Lucid said it is on track for production of more than 10,000 units.
That is in line with recent guidance provided in May. At the start of the year, Wall Street had expected Lucid to manufacture closer to 20,000 units.
The decline in expected production is one reason Lucid stock has struggled. Through Monday trading, shares are down about 6% year to date and off about 64% over the past 12 months.
Lucid ended the quarter with more than $5 billion on its books. Cash used to build its business in the second quarter was about $900 million.
Wall Street estimates that Lucid will use about $1 billion each quarter. Positive free cash flow isn’t projected until late in the decade and is predicated on rising sales.
Lucid sold 2,810 vehicles in the first half of 2023. It produced 4,487, leaving about 5,500 to hit its guidance. Sales trailing production isn’t good news for any auto maker.
Write to Al Root at email@example.com