Lucid reiterates production guidance despite missing sales estimates in Q2

Shares of Lucid Group Inc (NASDAQ: LCID) are inching up in extended hours after the EV startup reported disappointing sales for its fiscal second quarter.

Notable figures in Lucid’s Q2 earnings report

• Lost $764 million versus the year-ago $220 million
• Per-share loss also expanded from 33 cents to 40 cents
• Revenue jumped 55% year-on-year to $150.9 million
• Consensus was 34 cents loss on $181.6 million in sales
• Ended the quarter with total liquidity worth $6.25 billion

Earlier today, Lucid lowered the price of its Air Touring by 11.5% to boost demand. Prices were cut for Air Pure and the Air Grand Touring as well. According to its CFO Sherry House:

Targeted actions underway to invigorate our marketing programs in luxury and premium segment have resulted in greater brand awareness, which we aim to capitalise on through the launch of our latest pricing program.

Lucid reiterated its full-year production guidance

Lucid Group produced 2,173 electric vehicles in total in its second financial quarter – 227 less than expected (find out more).

Still, the luxury EV manufacturer remains committed to producing more than 10,000 vehicles this year. Its CEO Peter Rawlinson said today in the press release:

We look forward to exciting new products in H2, including start of production of Air Sapphire and Air Pure rear wheel drive. Plus, highly anticipated unveiling of our new SUV, Lucid Gravity.

Note that the Nasdaq-listed firm raised new capital worth $3.0 billion in the second quarter. About $1.8 billion of it came from its largest shareholder – the Saudi Arabia’s sovereign wealth fund. The EV stock is currently down more than 40% versus its year-to-date high.