Lucid Group (NASDAQ: LCID) announced today that it would report earnings for the first quarter of 2022 on May 5 at 2:30 PM PT or 5:30 PM ET.
Lucid said in its press release that it would issue a press release with a link to its live webcast of its Q1 2022 Earnings Conference Call on its Investor Website. Lucid Group also announced it will welcome questions from both retail and institutional investors through Say Technologies, a platform used by other companies, including Tesla, to acquire relevant questions for its earnings calls.
Lucid had an interesting first quarter where it made several adjustments to its product line and expectations for the 2022 fiscal year. In early 2022, Lucid issued its first recall as a supplier of strut dampers may have been installed in the wrong orientation.
It also adjusted the production forecast it set for itself last year. Originally, Lucid anticipated on producing around 20,000 vehicles in 2022, but adjusted these estimates to between 12,000 and 14,000 vehicles during its Q4 2021 Earnings Call in late February. Citing supply constraints and a “continued focus on quality,” Lucid felt it was appropriate to decrease its annual production targets to increase the build quality of its initial vehicles.
Lucid Group lowers 2022 production forecast by around 30 percent
Logistics issues also hurt Lucid, but they surely were not the only automaker to feel the heat due to supply chain bottlenecks. “In some cases, the pandemic meant that our teams could not visit our suppliers in-person to ensure alignment on engineering specifications and tooling,” CEO and CTO of Lucid Group, Peter Rawlinson, said. “As travel has opened back up, our supplier quality teams have been able to address many of these issues. I will note that these issues are impacting only a handful of our approximately 250 suppliers and are not affecting critical single-source or dual-source components like semiconductors or batteries. Instead, it’s been commodity items like glass and carpets, and we’ve adapted by changing our specifications or indeed switching vendors if needed.”
Finally, Lucid recently launched a new trim level of the Air sedan: the Grand Touring Performance. The new configuration packs 1,050 horsepower, effectively launching one of Lucid’s and the market’s most powerful electric powertrains. Rawlinson revealed customers showed “strong demand” for “higher-performance versions of the Lucid Air.
Lucid will report its first quarter 2022 financial results on Thursday, May 5, 2022, at 2:30 pm PT / 5:30 pm ET.
Disclosure: Joey Klender is not a Lucid $LCID Shareholder.
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