Yahoo Finance's Pras Subramanian details the Q4 earnings miss from Lucid Motors as the EV manufacturer forecasts expected supply chain pressures.
- And switching gears here, everyone, we've got some more earnings that have come out. Lucid Motors on your screen right now, shares moving lower by about 11%, we'll round that off to an after-hours trading activity. And for more, we want to bring in Yahoo Finance's own Pras Subramanian. Pras, what are you seeing in this earnings report?
PRAS SUBRAMANIAN: Yeah, Brad, stock moving lower here. It's a miss on the top and bottom line in a production outlook cut that's really weighing on the stock. So let's talk about the first, the headlines here. Revenue-- $26.4 million. That's a miss-- Wall Street expecting $36.7 million earnings of $0.64 a share. That's a loss, versus $0.26 a share loss that was expected.
Good news-- the [? reservations ?] Lucid Air now exceed 25,000. They were at 17,000 at the end of Q3. But the bad news is the company has produced around 400 vehicles through-- for end of February. For 2022, they're expecting 12 to 14,000 vehicles [INAUDIBLE] by the end of the year, production-wise. Lucid had previously forecasted 20,000. So that's a big cut, 12 to 14,000 from 20,000.
CEO Peter Rawlinson said, quote, "This reflects the extraordinary supply chain and logistics challenges we've encountered." So yet again, we're hearing about the supply chain chips and other component shortages. What we're going to watch here on the call, as well as-- I'll bring you an update on that $70,000 lower-priced, cheaper Lucid Air, is actually going to come at the end of the year.
Are we going to see anything on the status of the Project Gravity SUV? Now, this is a very highly anticipated model for the company. They teased images of it at the end of this month. That's a big model that's supposed to come out. Want to hear more about the production lines at the factory in Arizona. And then also, anything about partnerships with regards to charging networks and also, retail service centers. Brad?
- I'll take it from here, Pras Subramanian. Thank you for that on Lucid Motors.