Lucid Posts Q4 Losses After Missing Production Target

Lucid ($LCID@US) reported fourth-quarter losses after missing its production target for EV vehicles for 2022 amid manufacturing challenges. The electric vehicle maker reported losses of earnings per share at 28 cents, and revenue was $257.7 million versus $303 million. In January, Lucid said that it produced 7,180 vehicles in 2022, falling far short of its 20,000 vehicle target. The company said it expects to make between 10,000 and 14,000 vehicles in 2023 and that it had more than 28,000 reservations as of February 21st.