Lucid (NASDAQ:LCID) stock is in full focus after the electric vehicle (EV) company released its delivery and production figures for the three months ended Sept. 30. During the third quarter, Lucid produced 1,550 vehicles and has an additional 700 vehicles on the way to Saudi Arabia for final assembly. Deliveries for the quarter totaled 1,457 vehicles, much lower than the analyst estimate for 2,000 vehicles.
Lucid’s Q3 deliveries were a point of emphasis for some shareholders, as the firm had previously published its last four quarterly delivery and production figures on the 12th or 13th day of each month. This quarter’s metrics came in on Oct. 17, which has led many to believe Lucid purposely held its numbers back. The company has not publicly commented on this matter.
Shares of LCID stock are currently down by about 3% on the news.
LCID Stock: Lucid Reports Q3 Production and Delivery Figures
Lucid previously guided for the production of 10,000 vehicles in 2023. As of the third quarter, it has now produced 6,037 vehicles and delivered 4,267 vehicles. Averaging out the quarterly production numbers would give us just over 2,000 vehicles per quarter so far this year. That is not on track to meet the expectation for over 10,000 vehicles in 2023, as Lucid would have to produce around 4,000 vehicles during the fourth quarter.
On the bright side, Lucid delivered more vehicles during Q3 when compared to its Q2 deliveries of 1,404 vehicles, although not by much. Second-quarter production also totaled 2,173 vehicles, much more than this quarter’s production.
Lucid also disclosed that it will report its third-quarter earnings on Tuesday, Nov. 7 after the market close. The company will partner with Say Technologies in order to facilitate retail and institutional investor questions.
For the quarter, analysts forecast revenue of $212 million, which would imply year-over-year (YOY) growth of 8.7%. Furthermore, Lucid is expected to stay unprofitable with an adjusted and GAAP EPS loss of 41 cents. A year ago, the company reported an adjusted EPS loss of 40 cents and a GAAP EPS loss of 32 cents.
For Q4, analysts expect revenue of $281 million, signaling YOY growth of 9.2%. Adjusted EPS is expected to stay stable compared to the third quarter at a loss of 40 cents.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
