LCID - Lucid Fell Short on its Promise by an Eye-Popping Amount
2024-05-20 10:00:00 ET
It's a hard life in the electric vehicle (EV) industry right now. Fisker is at the end of its rope, Tesla generated its lowest profits in more than six years, Lordstown Motors and Arrival are in liquidation proceedings, Mullen Automotive and Canoo both said they had "substantial doubt" about their ability to continue as a going concern -- a standard term meaning they might not survive the next 12 months.
While Lucid Group (NASDAQ: LCID) appears to be in a better position than those aforementioned automakers, we might have forgotten just how far away it is from its promise to investors.
Let's rewind back to a 2021 Lucid investor presentation when the company forecast it would deliver 90,000 vehicles in 2024 worth a projected $9.9 billion in revenue. But thanks to slowing EV demand, a saturated high-end market for EVs, inflation, and high interest rates, Lucid will fall incredibly short of that goal.
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Lucid Fell Short on its Promise by an Eye-Popping Amount