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Lucid Group Inc. is expected to post a big rise in third-quarter revenue after significantly ramping production and deliveries in recent months.
When the California EV maker reports results after the market close Tuesday, it’s also expected to provide an update on supply-chain disruptions and quality issues that have held back production of its Air sedan this year.
As part of its second-quarter earnings report, Lucid cut its 2022 production forecast in half to about 6,500 units of the Air. At launch last year, the automaker forecast 2022 output at 20,000.
Shares of Lucid Group are down 66 percent so far this year as of the market close on Monday. Shares of rival EV maker Rivian Automotive are down 70 percent in the same period and shares of Tesla Inc. are down 51 percent, according to market data.
Lucid Group CEO Peter Rawlinson is also expected to be asked about new products during the Tuesday earnings call, which comes one week before a Nov. 15 event in Los Angeles where the automaker will launch more inexpensive versions of the Air.
Lucid said in a press release last week: “The online event will also feature exciting announcements about the Lucid business and future models, including the Project Gravity SUV that reimagines the luxury SUV.”
Analysts forecasted Lucid’s third-quarter revenue at $209 million compared with just $232,000 a year earlier, according to the mean estimate from four analysts, based on Refinitiv data, Reuters said. The company is also expected to post a net loss of around $500 million.
Lucid delivered 1,398 vehicles in the third quarter, the automaker said last month, compared with 679 vehicles in the second quarter. Third-quarter production reached 2,282, compared with 1,405 in the second quarter, according to Lucid.
The EV startup launched last year with the limited-run Air Dream Edition, starting at $170,500 with shipping, before debuting the Grand Touring with a starting price of $155,650.
The two versions of the Air launching next week are the Air Pure, starting at $89,050, with shipping, and the Air Touring, starting at $109,050.