Lucid Group Inc said it expects to make at least 10,000 cars this year, as the company looks to capture a larger chunk of the electric-vehicle market amid a price war started by Tesla Inc.
Lucid expects to produce 10,000 to 14,000 of its luxury electric vehicles in 2023, up from 7,180 cars it made last year. Analysts on average expect the company to make 21,815 cars, according to Visible Alpha.
The luxury EV maker’s fourth-quarter revenue missed analysts’ estimates, as Lucid delivered fewer vehicles than it produced.
Price cuts by the world’s most valuable automaker Tesla and Ford Motor Co have made it more difficult for companies such as Rivian Automotive Inc and Lucid to grab share in an industry competing for shrinking consumer wallets.
Lucid’s revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv.
Net loss stood at $472.6 million or 28 cents per share, compared with a loss of $1.05 billion or 64 cents per share, a year earlier.