Electric vehicle maker Lucid on Wednesday reported fourth-quarter revenue that fell short of expectations after building just 7,000 of its Air luxury sedans last year amid manufacturing challenges. But the company said it expects to make between 10,000 and 14,000 vehicles in 2023.
Shares of the company fell roughly 7% in afterhours trading.
Here’s what the company reported for the fourth quarter of 2022:
- Loss per share: 28 cents
- Revenue: $257.7 million, vs. $303 million, according to Refinitiv consensus estimates
Lucid’s quarterly revenue marks a sharp increase from the same period last year, when it had just begun production of the Air sedan and brought in $26.4 million. The company’s bottom line likewise improved, coming in narrower than the 64-cent loss per share it posted in the year-ago period.
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