November 29, 2022

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The clear stock retreats from weak results for the third quarter, which leads to a decline in the investor's daily business bookings

The clear stock retreats from weak results for the third quarter, which leads to a decline in the investor’s daily business bookings

Lucid (LCID) reported a weaker-than-expected third quarter late Tuesday after the luxury EV startup reported a sharp rise in deliveries during that period. LCID stock fell as vehicle bookings declined.


Lucid has stated that it is still on track to produce 6,000 to 7,000 vehicles in 2022.

But the automaker said it now has 34,000 reservations for its cars. That was 37,000.

On November 3, Lucid announced that it plans to bring more affordable versions of the Lucid Air to the market, after revealing a jump in Q3 delivery of that long-range luxury vehicle.

But for startup Nicola (NKLA) warned on November 3 of Weak electric car connections In the current quarter due to deteriorating economic conditions. Among other startups in the field of electric cars, Rivian (countryside) and China New (NIO) on board later this week.

clear profits

Estimates: Analysts polled by FactSet expect Lucid to trim its net loss per share in the third quarter to 31 cents from 43 cents last year. Revenue is expected to reach $209.4 million, up from $232 thousand last year and $97.3 million in the second quarter.

consequences: Lucid reported a lower loss per share of 40 cents. Revenue was $195.5 million. Both numbers were below expectations.

The company’s cash assets fell to $3.85 billion, down from $4.6 billion on June 30.

prospectsFor the full year, Wall Street expects Lucid to lose $1.01 per share for a loss of $6.41 in 2021.

LCID stock, RIDE stock, EV stock

Lucid’s shares are down 13% in after-hours trading, indicating a test of a 52-week low. Shares closed down 2.5% at 13.50 days stock market today. LCID stock has been in a downtrend since December, having finished on Tuesday more than 76% below its 52-week high.

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Rivian, which records the third quarter late Wednesday, is up 1.7% on Tuesday. RIVN stock has a bottom base at 40.66 buy points.

Nikola’s stock is down 1.4% after falling 7.5% last week on a delivery warning. Fisker (FSR) rose 0.3% after declining 3.6% last week on the back of a larger-than-expected loss in the third quarter.

Lordstown Motors (ride) reversed a 25% rise to a 5.4% loss on Tuesday, after announcing an expanded partnership with Taipei-based contract manufacturer Foxconn late Monday that will see the companies jointly build an electric vehicle. Early Tuesday, Lordstown posted a much worse-than-expected third-quarter loss as it reaffirmed the start of the fourth quarter for the delivery of its Endurance electric truck.

Chinese EV startup Nio, which announced Thursday before the opening, lost 3.8% on Tuesday. Nio stock slipped to lose 6% on Monday. NIO stock rose 20.5% last week, but only after falling to a two-year low.

Tesla fell 2.9% on Tuesday. Shares fell 5% on Monday, hitting a 17-month low after falling 9.2% last week.

Expand the Lucid EV Collection

On November 15, Lucid will reveal two more affordable versions of The award-winning Lucid Air luxury electric sedan. Lucid Air EV has been compared favorably with Tesla (TSLA) cars. It is sometimes seen as a competitor to the Model S.

Upcoming models will include the Lucid Air Pure for $87,400 and $107,400 for flights, the company announced on November 3. The Lucid Air Grand Touring model, which is already on sale, costs $154,000 for an estimated range of 516 miles by the Environmental Protection Agency.

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Lucid is also planning a luxury SUV, which shares the same EV technology as the Air.

Lucid Air production, deliveries increase

Preliminary data showed that Lucid produced 2,282 EVs in the third quarter, more than three times the total for Q2, the company announced on October 12.

Lucid delivered 360 EVs in Q1 and 679 EVs in Q2. Deliveries swelled to 1,398 EV in the third quarter based on preliminary numbers. This means LCID will have to continue to rise sharply in the current quarter to achieve its low target for 2022.

The Saudi-backed startup confirmed on October 12 that it was still on track to build and deliver 6000-7000 electric cars in 2022, after cutting production guidance twice this year. Lucid has struggled amid chip shortages and other supply challenges, linked in part to the 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 has reported 37,000 reservations for Lucid Air.

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