Lucid Group Inc (NASDAQ:LCID) joined its electric vehicle sibling Rivian by crashing by a fifth on the Nasdaq in opening Thursday trades.
The California-based maker of luxury EVs posted $2.8 billion in net losses for 2023 in an annual trading update, more than double the $1.3 billion in losses clocked in 2022.
Lucid produced 8,428 vehicles and delivered 6,001 vehicles in 2023.
Former guidance had production quantities between 10,000 and 14,000 vehicles before a downward revision to a range of 8,000 to 8,500 in November.
Lucid has now set a 2024 annual production guidance of approximately 9,000 vehicles, but “will continue to prudently manage and adjust production to meet sales and delivery needs”.
The group reported fourth-quarter revenues of $157.2 million and annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity.
Shares were last seen swapping for $2.97.