LCID

Lucid forecasts annual vehicle production below estimates

Credit: REUTERS/MIKE BLAKE

Feb 21 (Reuters) - Lucid Group LCID.O forecast annual vehicle production far below analysts' estimates on Wednesday, on signs that demand for its luxury electric vehicles will slow down as high interest rates pinch consumer budgets.

The company expects to make 9,000 units for the full-year 2024 compared with estimates of 22,594 according to five analysts polled by Visible Alpha. The company made 8,428 vehicles in 2023.

The downbeat forecast sparks concerns for Lucid after its fourth-quarter deliveries and production fell from a year earlier and sent its shares to a record low last month.

The company also missed estimates for fourth-quarter revenue hit by a slowdown in deliveries as consumers grapple with high costs.

Lucid reported revenue of $157.2 million, missing average analysts' estimate of $179.9 million, according to LSEG data.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber)

((Zaheer.Kachwala@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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