Lucid Group's shares fell in after-hours trading after the company reported a larger-than-expected loss for the fourth quarter, despite revenues more than doubling compared to the previous year. The company's report showed a loss per share (EPS) of -$3.62, which is worse than the EPS loss in the fourth quarter of last year.
Redaksiya reports that Lucid Group's management is focusing on a mid-size electric vehicle model and a robotaxi partnership for the future. The company plans to start production of a mid-size electric vehicle by the end of 2026.
Lucid's fourth-quarter revenues reached $157.2 million, compared to the previous year. The company produced 6,001 vehicles and delivered 8,428 vehicles in 2023. Lucid plans to produce approximately 9,000 vehicles in 2024. The company's management expects to have at least $1.0 billion in cash at the end of 2024.