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Lucid (LCID) reviews for the third quarter late Tuesday after the luxurious EV startup introduced a pointy ramp in deliveries over that interval. Lucid inventory fell close to a two-year-plus low.
Greater than Lucid earnings, the corporate’s manufacturing ramp, reservation numbers and supply outlook will matter.
Lucid introduced Nov. 3 that it plans to deliver comparatively extra reasonably priced variations of the Lucid Air to market, after disclosing a pointy ramp in Q3 deliveries of that luxurious, long-range electrical sedan.
However startup peer Nikola (NKLA) warned on Nov. 3 of weaker deliveries of electric vehicles within the present quarter because of worsening financial circumstances. Amongst different EV startups, Rivian (RIVN) and China’s Nio (NIO) are on deck later this week.
Lucid Earnings
Estimates: Analysts polled by FactSet count on Lucid to slender its web loss per share in Q3 to 31 cents from 43 cents a 12 months in the past. Income is seen reaching $209.4 million, up from $232,000 a 12 months in the past and $97.3 million in Q2.
Outcomes: Examine again Tuesday after the shut.
Outlook: For the total 12 months, Wall Avenue expects Lucid to lose 97 cents per share vs. a lack of $6.41 in 2021.
LCID Inventory, EV Shares
Share of Lucid fell 0.3% to 13.85 on the stock market today. LCID inventory is attempting to regain the sliding 50-day shifting common. It stays effectively beneath the 200-day common and greater than 76% beneath its 52-week excessive.
Rivian, which reviews Q3 late Wednesday, misplaced 2.1% Monday to 31.32. RIVN inventory has a bottoming base with a 40.66 purchase level.
Nikola inventory retreated 3.4% after tumbling 7.5% final week after its supply warning. Fisker (FSR) gave up 4% after sliding 3.6% final week on a bigger-than-expected Q3 loss.
Chinese language EV startup Nio, which reviews Thursday earlier than the open, reversed decrease to lose 6% on Monday. NIO inventory surged 20.5% final week, however after plunging to a two-year low.
Tesla sank 5%, hitting a 17-month low after tumbling 9.2% final week.
Lucid Increasing EV Lineup
On Nov. 15, Lucid will unveil two extra reasonably priced variations of its luxury, award-winning Lucid Air electric sedan. The Lucid Air EV has been favorably in comparison with Tesla (TSLA) vehicles. It is typically seen as a Mannequin S rival.
The upcoming fashions will embody the $87,400 Lucid Air Pure and $107,400 Air Touring, the corporate introduced on Nov. 3. The Lucid Air Grand Touring mannequin, which is already being bought, prices $154,000 for an EPA-estimated vary of 516 miles.
Lucid additionally plans a luxurious SUV, sharing the identical proprietary EV know-how because the Air.
Lucid Air Manufacturing, Deliveries Ramps Up
Preliminary information exhibits that Lucid produced 2,282 EVs in Q3 and delivered 1,398 EVs, the corporate introduced Oct. 12.
Lucid delivered 360 EVs in Q1 and 679 EVs in Q2. So it should preserve ramping sharply within the present This autumn to fulfill its lowered goal for 2022.
The Newark, Calif.-based startup affirmed Oct. 12 that it stays on observe to construct and ship 6,000-7,000 electrical autos in 2022, after twice chopping manufacturing steerage this 12 months. Lucid has struggled amid chip shortages and different provide challenges, tied partially to Covid-19 manufacturing unit shutdowns in China.
Like different automakers, Lucid confronts a number of different headwinds, from rising rates of interest to fears of a world recession.
As of Aug. 3, Lucid reported 37,000 reservations for the award-winning Lucid Air.
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