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Electrical automobile maker Lucid (NASDAQ: LCID) Down 3.06% Friday, earlier than second-quarter earnings are launched after the market shut on Aug. 5.
Wall Road on common anticipated the corporate to submit quarterly earnings of -$0.27 per share on income of $192.65 million (up 27.7% yr over yr).
Exceed Over the previous three months, EPS estimates have been zero revised upward and 5 down. There have been 5 upward revisions to the income forecast and three downward revisions.
Within the second quarter, Lucid produced 2,110 automobiles and delivered 2,394 automobiles. This compares to final yr’s manufacturing of two,173 automobiles and deliveries of 1,404 automobiles.
The corporate, like different gamers within the EV market, has seen demand cool amid rising borrowing prices, main to cost wars amongst producers to make their merchandise extra engaging.
Jonathan Weber, head of funding group, mentioned: “Whereas Lucid Group has an aggressive product lineup and potential development potential from the Gravity SUV mannequin, its excessive money burn fee and valuation pose dangers.”
In Might of this yr, Lucid introduced a restructuring plan that diminished roughly 6% of its workers (roughly 400 jobs). The corporate mentioned second-quarter costs could be roughly $19 million to $23 million, with restructuring costs totaling roughly $21 million to $25 million.
In its final quarterly earnings report, Lucid’s revenue and income missed expectations, though the corporate’s first-quarter automobile deliveries elevated 39.9% from the identical interval final yr.
Lucid has fallen about 24.9% because the starting of the yr. Searching for Alpha’s quants and sell-side analysts suggest the corporate as a Maintain.
