Published , by Donovan Erskine
Published , by Donovan Erskine
EV manufacturer Lucid Motors (LCID) has shared its earnings report for Q2 2023, giving investors and spectators a better idea of how it performed over the latest period. Lucid reported a miss on revenue expectations and a bigger than expected loss on earnings, but its guidance remains unchanged.
Lucid Motors’ Q2 2023 earnings report was shared at the close of markets today. We can see that the company brought in $150.9 million in revenue for the quarter, which is considerably lower than the $175 million expectation. Lucid lost $0.40 per-share, which is an even larger loss than the expected $0.33.
"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group's technology arm," said Peter Rawlinson, Lucid's CEO and CTO. "We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November."
Lucid Motors (LCID) stock was actually up in after-hours trading. While it was trending down earlier in the day after the company cut prices on its Air vehicle, the results were enough to have it up as high as $6.65 after the close of markets.
With Lucid Motors’ (LCID) guidance remaining the same for the upcoming quarter, we’ll be watching closely to see how it performs down the line. For more on the EV world, count on Shacknews.