{"id":82569,"date":"2023-11-09T11:03:47","date_gmt":"2023-11-09T16:03:47","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cantor-fitzgerald-cuts-lucid-to-neutral-following-3q-revenue-miss\/"},"modified":"2023-11-09T11:03:49","modified_gmt":"2023-11-09T16:03:49","slug":"cantor-fitzgerald-cuts-lucid-to-neutral-following-3q-revenue-miss","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82569","title":{"rendered":"Cantor Fitzgerald cuts Lucid to Neutral following 3Q revenue miss"},"content":{"rendered":"
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\u00a9 Reuters. Cantor Fitzgerald cuts Lucid (LCID) to Neutral following 3Q revenue miss<\/span>
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Cantor Fitzgerald downgraded Lucid Group (NASDAQ:) to a Neutral rating (From Overweight) and cut their 12-month price target on the electric automaker to $6.00 (From $10.00) after the company reported its 3Q23 earnings results after the market closed on Tuesday.<\/p>\n

LCID reported 3Q revenues of $137.8 million, falling short of the consensus estimate of $185.1 million. This came after the company’s pre-announcement on October 17, revealing that it had manufactured 1,550 vehicles (below the estimated 2,400) and delivered 1,457 vehicles (below the estimated 1,650) during the quarter.<\/p>\n

The company had also previously disclosed that they had produced over 700 additional vehicles, currently in transit to Saudi Arabia for final assembly.<\/p>\n

Lucid revised its FY23 annual production guidance Wednesday to 8,000-8,500, down from its previous guidance of >10,000.<\/p>\n

The company had previously revised its guidance on 5\/8 to >10,000 vehicles (from the prior 10,000-14,000).<\/p>\n

During the fiscal year 2022, LCID produced and delivered 7,180 and 4,369 vehicles, respectively, surpassing the company’s guidance of 6,000-7,000 vehicles. Year-to-date through the third quarter of 2023, Lucid has produced 6,037 vehicles and delivered 4,267 vehicles, excluding the vehicles currently en route to Saudi Arabia.<\/p>\n

\u201cWe continue to view the company’s 3Q23 production\/deliveries announcement as disappointing, given the company’s production and delivery numbers were below our estimates, and production for 3Q was even below 2Q levels.\u201d Wrote Cantor Fitzgerald analysts in a note.<\/p>\n

Cantor lowered their 2023 revenue estimate to ~$642.8M (from $796.8M) due to lower expected vehicle production\/deliveries. They also cut 2024 revenue estimates to ~$1.7B (from ~$2.1B).<\/p>\n

On November 7, Lucid announced that the Lucid Gravity, the company’s SUV, is scheduled to be unveiled at the Los Angeles International Auto Show on November 16, with Start of Production planned for “late 2024.”<\/p>\n

On November 6, LCID revealed its intention to integrate NACS into its vehicles, enabling customers to utilize the extensive network of over 15,000 Tesla (NASDAQ:) Superchargers in North America, beginning in 2025.<\/p>\n

Existing Lucid vehicles equipped with the Combined Charging System (CCS) will also have the capability to access Tesla Superchargers through an adapter, also by 2025.<\/p>\n

Shares of LCID are down 6.74% in pre-market trading on Wednesday.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Cantor Fitzgerald cuts Lucid (LCID) to Neutral following 3Q revenue miss Cantor Fitzgerald downgraded Lucid Group (NASDAQ:) to a Neutral rating (From Overweight) and cut their 12-month price target on the electric automaker to $6.00 (From $10.00) after the company reported its 3Q23 earnings results after the market closed on Tuesday. LCID reported […]<\/p>\n","protected":false},"author":1,"featured_media":7482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-82569","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCantor Fitzgerald cuts Lucid to Neutral following 3Q revenue miss | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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