(Bloomberg) – Shares of Lucid Group Inc. fell in late trading after estimated third-quarter sales and earnings and a drop in bookings for the company’s luxury electric vehicles.
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The automaker’s loss was 40 cents a share, wider than analysts’ average estimate of a 31 cent loss, according to a statement Tuesday. Revenue was $195.5 million, missing the $204 million prediction in a Bloomberg survey.
Shares of the Newark, California-based company were down 13% as of 5:23 p.m. EST in New York, after losing 65% of their value this year through the end of Tuesday.
Supply chain difficulties and logistical issues hit Lucid’s start of the year badly, prompting the startup to revise down its production target twice. Lucid reaffirmed its goal on Tuesday, saying it still hopes to be able to produce 6,000 to 7,000 vehicles by the end of the year. Pre-orders for the Lucid’s Air sedan fell from 37,000 in the second quarter to 34,000, and the company announced it will begin taking pre-orders for the delayed SUV in 2023.
Lucid ended the third quarter with $3.85 billion in cash, equivalents and investments, down from $4.6 billion at the end of the previous quarter.
The company also said Tuesday that it has reached an agreement to sell up to $600 million in stock through Bofa Securities Inc., Barclays Capital Inc. and Citigroup Global Markets Holdings Inc., and up to $915 million in shares for a Saudi subsidiary of the Saudi Sovereign Wealth Fund. Saudi Arabia already owns a majority stake in Lucid through its wealth fund.
(Updated with additional details starting in first paragraph)
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