Lucid trims losses in Q4 2022, sets 2023 production targets

Lucid Group headquarters 

Lucid Group recorded a spike of over 800% year-on-year (YoY) in revenue for the fourth quarter of 2022 but missed estimates.

The electric vehicle (EV) maker trimmed net losses to $472.6 million in the three-month period, from $1.04 billion in Q4 2021.

The company reported revenue of $257.7 million in the same period, compared to $26.3 million in Q4 2021, missing estimates of $302.6 million.

Setting its 2023 production and delivery goals, Lucid expects to produce between 10,000 and 14,000 EVs this year.

It manufactured 7,180 EVs in 2022, exceeding its own production guidance of 6,000 to 7,000 vehicles.

Lucid shares shed 8.8% at 12.21 am Makkah Time, after closing 0.8% higher at $9.98 yesterday.