Lucid Group Inc. shares rallied 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.
Shares rose about 3% in after-hours trading.
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.
Revenue rose to $150.9 million, from $97 million a year ago.
Analysts polled by FactSet expected Lucid to post an adjusted loss of 34 cents a share on sales of $181.6 million.
Lucid in July reported production and delivery numbers that disappointed Wall Street, and all eyes were on the yearly guidance.
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.”
Lucid raised $3 billion in capital in the quarter, including $1.8 billion from the Saudi fund, the company said.
Read also: Tesla’s stock drops as CFO steps down
Lucid earlier Monday slashed prices on its EVs by up to 11.5%
The price-cut news came “as a surprise to us,” because Lucid didn’t seem to have much room to drop prices amid negative gross margins, Cantor Fitzgerald analyst Andres Sheppard said.
Lucid shares have dropped about 6% this year, compared with gains of around 18% for the S&P 500 index
SPX.
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