In the midst of a price war that Tesla Inc. initiated, Lucid Group Inc. stated that it anticipates producing at least 10,000 vehicles in 2018.
This announcement comes as the company works to secure a larger share of the market for electric vehicles.
Following a year in which it produced 7,180 automobiles, Lucid anticipates producing between 10,000 and 14,000 of its luxury electric vehicles in 2023.
Lucid expects to produce 21,815 vehicles on average
According to Visible Alpha, analysts anticipate that the company will produce a total of 21,815 automobiles on average.
As a result of Lucid delivering fewer vehicles than it manufactured, the luxury electric vehicle manufacturer’s revenue for the fourth quarter fell short of the estimates provided by industry analysts.
Rivian Automotive Inc. and Lucid are having a more challenging time gaining market share in an industry competing for consumers’ decreasing spending power due to price cuts implemented by Tesla, the most valuable automaker in the world, and Ford Motor Co.
Lucid to have $302.6 million in sales on average
Lucid’s revenue for the quarter that ended on December 31 increased to $257.7 million, up from $26.4 million in the same period a year earlier.
According to data provided by IBES from Refinitiv, analysts had predicted that sales would come in at an average of $302.6 million.
The company’s net loss came to $472.6 million, or 28 cents per share, as opposed to the $1.05 billion, or 64 cents per share, that it reported a year earlier.
