It confirmed the 2.85 million square foot expansion of the Casa Grande manufacturing facility in Arizona remains on track and expects to manufacture and ship between 12,000 and 14,000 vehicles in 2022.Ĭompany CEO and CTO Peter Rawlinson explained, “We are at the precipice of a global transition toward electric vehicles, and Lucid, with our leading technology and design, is at the forefront of one of the most significant transformations in mobility in generations….Looking ahead, we're updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles.”
The company has already delivered 400 vehicles as of February 2022. Lucid Motors reported revenue of $26.4 million in Q4 which included $21.3 million from deliveries of the Lucid Air Dream Edition. In Q4 of 2021, Lucid Motors strengthened its balance sheet with the issuance of a convertible green bond offering that totaled $2 billion. Further, Lucid Motor’s AMP-1 Phase 2 expansion is already underway and will expand its manufacturing capabilities to accommodate 90,000 units each year. In 2022 the company disclosed plans to build its first international manufacturing facility in the Kingdom of Saudi Arabia, which will be ready by 2025. At the end of December 2021, Lucid Motors had a cash balance of $6.2 billion while it expected to pump in $400 million in capital expenditures this year. Lucid Motors has an installed annual production capacity of 34,000 units and around 20 studio and service centers. The company ended 2021 with 25,000 reservations and $2.4 billion in potential sales. The Lucid Air is the world’s first battery-powered vehicle with a range of over 500 miles on a single charge.
In Q4 of 2021, Lucid Motors began production and shipments of the Lucid Air from its purpose-built factory in Arizona. Let’s take a look at whether this high-flying EV stock should be part of your portfolio right now. At the time of writing, LCID stock is down 60% from all-time highs, allowing you to buy the dip.
#Lucid stock free
Analysts don’t project positive operating profit or free cash flow until 2026 for Lucid at the earliest.The ongoing sell-off surrounding the equity market has dragged share prices of electric vehicle stocks such as Lucid Motors (NASDAQ: LCID) lower in the last six months. Along with production troubles, rising interest rates have sapped investors’ enthusiasm for more-speculative stocks such as Lucid that don’t generate earnings and cash flow.
#Lucid stock update
That will be another chance for investors to get an update from management.Ĭoming into Wednesday trading, Lucid stock is down about 67% year to date. Lucid hosts an earnings conference call to discuss its third quarter on Tuesday, Nov. Lucid managed to do just that in the third quarter. Ramping production higher is key for Lucid, and other EV start-ups. Shares are up 2% to $12.91 in early trading Wednesday.
Lucid stock is rising Wednesday, after the update. Since the cut, Lucid stock is off about 38%. Lucid’s 2022 production range was cut back in August from a prior range of 12,000 to 14,000 vehicles, disappointing investors. To hit the midpoint of that guidance, Lucid will need to produce roughly 3,000 vehicles in the fourth quarter, assuming it delivers the 884 cars made but not yet shipped in the second quarter.
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