Earning per share (EPS) of -$0.05 beat estimates by $0.29, while the company has $5.4 billion cash on hand, which is expected to keep it well funded into 2023. Furthermore, it was noted that LCID is seeing strong demand for the Lucid Air, with reservations exceeding 30,000, which could be translated into $2.9 billion of potential sales.
New pricing and upholding the revisions
Current pricing for existing reservations will be honored as well as any new ones made by May 31, 2022; as per the company, nonetheless, a revision of prices across all models will begin June 1, 2022. Sherry House, Lucid’s CFO on the supply issues, stated: LCID then reiterated its reduced guidance of 12,000-14,000 vehicle production forecast for 2022. With strong demand for the Air model, investors and car enthusiasts can possibly look forward to Lucid’s next vehicle, a luxury SUV called Gravity which is expected in the first half of 2024, as the company confirmed. If supply chain issues can be managed, the stock could return to its former glory days; currently, the shares are up 0.58% in the after-hours trading. In the next trading session, higher volatility could be expected, and the shares could see swings; however, investors can be content with the report and guidance the company provided for 2022. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
