Lucid (LCID) reported a weaker-than-expected third quarter on Tuesday night after luxury startup EV reported a surge in shipments during that period. LCID stock plunged as vehicle reservations fell.
Lucid said it was still on track to produce its planned 6,000 to 7,000 vehicles in 2022.
But the automaker said it now has 34,000 reservations for its vehicles. It was 37,000.
On November 3, Lucid announced that it plans to release relatively more affordable versions of the Lucid Air, after revealing an increase in third-quarter deliveries of this long-range luxury electric sedan.
But start peer Nicholas (NKLA) warned Nov. 3 of a drop in electric vehicle deliveries in the current quarter due to deteriorating economic conditions. Among other EV startups, Rivian (RIVN) and China Nio (NIO) are on deck later this week.
Estimates: Analysts polled by FactSet expect Lucid to narrow its third-quarter net loss per share to 31 cents from 43 cents a year ago. Revenue is expected to reach $209.4 million, compared to $232,000 a year ago and $97.3 million in the second quarter.
Results: Lucid reported a slightly narrower loss per share of 40 cents. Revenue reached $195.5 million. Both figures were below expectations.
The company’s cash dropped to $3.85 billion from $4.6 billion as of June 30.
Outlook: For the full year, Wall Street expects Lucid to lose $1.01 per share versus a loss of $6.41 in 2021.
Stock LCID, Stock RIDE, Stock EV
Shares of Lucid plunged 13% in after-hours trading, signaling a test of a recent 52-week low. Shares closed down 2.5% at 13.50 trading today. LCID stock has been in a downtrend since December, ending Tuesday more than 76% below its 52-week high.
Rivian, which reports the third quarter on Wednesday evening, rose 1.7% on Tuesday. RIVN stock has a minimum base with a buy point of 40.66.
Nikola shares fell 1.4% after falling 7.5% last week following its delivery warning. Fisker (FSR) rose 0.3% after slipping 3.6% last week on a bigger-than-expected Q3 loss.
Lordstown Engines (RIDE) reversed a 25% rise to a 5.4% loss on Tuesday, after announcing late Monday an expanded partnership with Taipei-based contract manufacturer Foxconn that will see the companies jointly build an electric vehicle. Early Tuesday, Lordstown posted a much worse-than-expected third-quarter loss while reaffirming the start of fourth-quarter deliveries of its Endurance electric van.
Chinese electric vehicle startup Nio, which reports ahead of the opening on Thursday, fell 3.8% on Tuesday. Nio stock reversed lower to lose 6% on Monday. NIO stock jumped 20.5% last week, but after plunging to its lowest level in two years.
Tesla fell 2.9% on Tuesday. Shares fell 5% on Monday, hitting a 17-month low after falling 9.2% last week.
Expanding line of electric vehicles Lucid
On November 15, Lucid will unveil two more affordable versions of its award-winning Lucid Air luxury electric sedan. The Lucid Air EV has been compared favorably to You’re here (TSLA) cars. It is sometimes considered a rival of the Model S.
Upcoming models will include the $87,400 Lucid Air Pure and $107,400 Air Touring, the company announced Nov. 3. The Lucid Air Grand Touring model, which is already sold, costs $154,000 for an EPA-estimated range of 516 miles.
Lucid is also planning a luxury SUV, sharing the same proprietary EV technology as the Air.
Lucid air production, speeding up deliveries
Preliminary data showed Lucid produced 2,282 electric vehicles in the third quarter, more than triple the second quarter total, the company said Oct. 12.
Lucid delivered 360 electric vehicles in the first quarter and 679 electric vehicles in the second quarter. Deliveries reached 1,398 electric vehicles in the third quarter based on preliminary figures. This means that the LCID will have to continue to rise sharply in the current quarter to reach its lowered target for 2022.
The Saudi-backed startup said Oct. 12 that it remains on track to build and deliver 6,000 to 7,000 electric vehicles in 2022, after twice cutting production forecasts this year. Lucid has struggled amid chip shortages and other supply issues, linked in part to Covid-19 factory shutdowns in China.
Like other automakers, Lucid faces several other headwinds, from rising interest rates to fears of a global recession.
As of August 3, Lucid reported 37,000 reservations for the Lucid Air.
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