Lucid Group Inc. shares initially rallied more than 6% in the extended session Monday after the luxury EV maker kept unchanged its 2023 production outlook despite weaker quarterly sales.
“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,” Chief Executive Peter Rawlinson said in a statement.
“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,” Chief Executive Peter Rawlinson said in a statement.Lucid LCID lost $764 million, or 40 cents a share, in the second quarter, compared with a loss of $220 million, or 33 cents a share, in the year-ago period.Analysts polled by FactSet expected Lucid to post an adjusted loss of 34 cents a share on sales of $181.6 million.
Lucid, whose largest shareholder is Saudi Arabia’s sovereign wealth fund, said it ended the quarter with about $6.25 billion in total liquidity, “which is expected to fund the company into 2025.”
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