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Most of the supply chain has now come through out of the COVID era," CEO Peter Rawlinson told Reuters. Although logistics and labor costs have come down, there was a "significant amount of opportunity" to cut costs further, she said. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates of $175 million, according to seven analysts polled by Refinitiv. Cash stood at $2.78 billion at the end of June, compared with $900 million three month prior. Lucid is set to unveil its Gravity SUV in November ahead of its launch in 2024.

Persons: Andrew Kelly, Peter Rawlinson, Sherry House, Rawlinson, Cash, Garrett Nelson, Akash Sriram, Abhirup Roy, Anil D'Silva, Jamie Freed, Leslie Adler Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Saudi, Public Investment Fund, Reuters, Air, Refinitiv, Thomson Locations: New York City , New York, U.S, Bengaluru, San Francisco

The maker of Tre model electric trucks has decided to make battery electric trucks only to order and focus on hydrogen fuel cell trucks. The company laid off 270 employees in June and liquidated assets of a recently acquired battery maker last month. Nikola forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. Other electric vehicle (EV) startups also have toiled to ramp up production, meet delivery targets and raise funds as cash reserves dwindled. Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check.

Persons: Stephen Girsky, Brendan McDermid, Nikola, NKLA.O, Michael Lohscheller, Girsky, Tre, Trevor Milton, Akash Sriram, Abhirup Roy, Will Dunham, Anil D'Silva, Sriraj Kalluvila, David Gregorio Our Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, U.S, General Motors, Friday's, Nikola, Fisker, Thomson Locations: New York City, U.S, Phoenix, Bengaluru, San Francisco

Nikola's investors on Thursday approved a proposal that will allow the company to issue more shares. The maker of Tre model electric trucks has been trying to pivot to hydrogen fuel cell technology. Nikola forecast third-quarter revenue of $18 million to $28 million, compared with estimates of $34.5 million, according to Visible Alpha. It had cash and cash equivalents of $226.7 million at the end of the second quarter, compared with $441.8 million, a year earlier. The company laid off 270 employees in June and liquidated assets of a recently acquired battery maker last month.

Persons: Stephen Girsky, Brendan McDermid, Nikola, okayed, Michael Lohscheller, Girsky, Tre, Trevor Milton, Akash Sriram, Abhirup Roy, Anil D'Silva, Sriraj Kalluvila, David Gregorio Our Organizations: VectolQ, Reuters, of Autonomous Vehicles, REUTERS, General Motors, Thomson Locations: New York City, U.S, Bengaluru, San Francisco

The company now expects to produce between 20,000 and 23,000 vehicles in 2023, down from 32,000 to 36,000 units projected in May. Fisker also raised its annual expenses projection to between $565 million and $640 million from $535 million to $610 million on higher selling, general and administrative costs. Electric-vehicle startups have faced supply chain issues in the past year as industry suppliers prioritize larger EV makers with proven production capacity and demand. Shares of Nikola (NKLA.O) also sank 13% on Friday after it named its fourth CEO in as many years in a bid to navigate a host of challenges including depleting cash reserves, supply chain constraints and a pivot to hydrogen fuel cell technology. Analysts expect the company to record an operating profit in the fourth quarter, according to Refinitiv data.

Persons: Henrik Fisker, Fisker, Raymond James, Akash Sriram, Sriraj Kalluvila, Anil D'Silva, Nick Zieminski Organizations: Fisker, Reuters, Nikola, Magna International, Revenue, Thomson Locations: California, Europe, United States, Austrian, Alaska, U.S, Bengaluru

May 8 (Reuters) - Electric vehicle (EV) maker Lucid Group Inc (LCID.O) reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla, rising interest rates and recession fears hurt sales. Shares in the maker of the Air luxury sedan dropped about 9% in after hours trade. The company reported quarterly revenue of $149.4 million, compared with analysts' average estimate of $209.9 million, according to Refinitiv. Chief Financial Officer Sherry House said the company had $4.1 billion in liquidity, enough to fund the luxury EV maker at least into the second quarter of next year. The EV maker is set to unveil its Gravity sport utility vehicle later this year ahead of its launch in 2024.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker's shares down 11% after hours. "There's probably a lot of frustration from customers having to wait for so long to get the vehicles they ordered." House said Lucid would incur capital expenditures of between $1.5 billion and $1.75 billion in 2023. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

Feb 22 (Reuters) - Lucid Group Inc (LCID.O) on Wednesday forecast 2023 production well short of analysts' expectations and reported a major drop in orders during fourth quarter, sending the electric carmaker's shares down 11% after hours. Lucid said it expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Lucid reported a cash balance of $1.74 billion in the fourth quarter, after raising $1.52 billion in December. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

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