Lucid Group’s reservation backlog for its Air sedan fell to twenty-eight,000 this week from 34,000 late final yr in an indication of easing demand, as the posh EV maker stated it deliberate to almost double manufacturing in 2023 to as many as 14,000 automobiles.
In its fourth-quarter earnings report Wednesday, Lucid stated income rose to $258 million from $26.4 million a yr earlier. Analysts on common had anticipated gross sales of about $303 million, in accordance with Refinitiv information reported by Reuters.
Lucid shares fell about 10 p.c in after-hours buying and selling Wednesday to about $9 per share.
The automaker reported fourth-quarter manufacturing of three,493 Air sedans, its solely mannequin, and deliveries of 1,932. For full-year 2022, the automaker reported manufacturing of seven,180 autos and deliveries of 4,369.
Lucid stated on its third-quarter earnings name final yr that it had 34,000 reservations for numerous trims of the Air sedan, which amounted to an intensive backlog. But earlier this month, the automaker introduced gross sales incentives of as much as $7,500 on some Air fashions after EV rival Tesla Inc. lower costs throughout its four-model lineup.
Lucid stated in its fourth-quarter earnings report that it expects to provide 10,000 to 14,000 Air sedans this yr.
The EV maker’s fourth-quarter web loss narrowed to $473 million from a lack of $1.05 billion a yr earlier.