American electric vehicle (EV) manufacturer Lucid (LCID:NSD) reported weaker-than-expected Q1 deliveries, resulting in a 6.3% decline in Lucid Motors stock shares in Thursday after-hours trading. The company produced 2,314 vehicles and delivered 1,406 units, falling short of the approximately 2,000 Air Sedans anticipated by analysts. In comparison to Q4 2022, when the company produced 3,493 vehicles and delivered 1,933 units, these figures represent a decrease in both production and deliveries.
Despite having over 28,000 reservations, representing potential sales of over $2.7 billion, Lucid had previously proclaimed its intention to produce between 10,000 and 14,000 vehicles in 2023. However, the modest production forecast indicates lackluster market demand.
In 2022, Lucid delivered 4,369 vehicles and generated revenue of $608 million. Additionally, the company reported a loss per share of $1.51, a decrease from $6.41 the previous year.
In response to increasing competition and macroeconomic pressures, Lucid recently announced a restructuring plan that includes a 1,300-person, or 18%, reduction in headcount. The company anticipates between $24 million and $30 million in expenses related to this plan.
Lucid Motors Stock Forecast:
The average Wall Street analyst rating for Lucid Motors stock is Buy. The average price target of $11.96 suggests a potential upside of 20.2%. Since the beginning of 2023, shares have increased by 22%.