Lucid's production forecast for 2023 widely misses expectations; chip maker Nvidia reports fourth-quarter adjusted earnings that beat analysts' estimates; Moderna posts earnings that fell below expectations. Read More...
TechCrunch
Lucid shares drop as EV maker misses 2023 delivery expectations
Luxury electric vehicle maker Lucid Motors missed Wall Street estimates for fourth-quarter and full-year 2022 revenue, as well as 2023 production and delivery goals, causing the company’s stock price to tumble almost 10% in after-hours trading. Lucid had just been on the up after producing 7,180 vehicles last year, exceeding its own production guidance of 6,000 to 7,000 vehicles. On Wednesday, Lucid set 2023 annual production targets of 10,000 to 14,000, which is roughly half of the 20,000 to 22,000 deliveries analysts had expected for the year.
