Electric carmaker Lucid Group failed to meet second-quarter expectations, but the company’s 2023 production guidance sent its stock higher.
Lucid posted revenue of $150.9 million and a loss of $0.40 per share, short of the Zacks Consensus Estimates of $201.94 million and a loss of $0.35 per share, respectively.
The company delivered 1,404 vehicles in the quarter and said it's on pace to manufacture more than 10,000 vehicles this year. It ended the quarter with $6.25 billion in total liquidity, which it expects to fund operations into 2025.
"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base,” CEO Peter Rawlinson said in a statement.
“During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group's technology arm.”
Lucid stock climbed 3.7% in extended trading Monday to $6.65.
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