It’s the crunch time in the Q2 earnings season and electric vehicle (EV) companies are attracting a lot of investor attention, as always. Here’s how some of them performed in Q2.
How Did Lucid Perform in Q2?
Lucid Group, a manufacturer of electric vehicles, lowered its production targets once more on Wednesday as demand for EVs surpassed the production rate due to supply chain and logistics issues.
The EV company already cut its production projection at the start of the year saying that it would produce between 12,000 and 14,000 EVs in 2022 as opposed to the initial projection of 20,000. On Wednesday, however, Lucid dropped its full-year deliveries target for the second time, stating it now anticipates delivering just 6,000 to 7,000 vehicles in 2022.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Peter Rawlinson, the company’s CEO, said in a statement.
More than 37,000 bookings have been made for the company’s Air electric luxury sedan, up from more than 30,000 in May, but just 679 vehicles were actually delivered in the second quarter.
According to the company’s CFO Sherry House, the 37,000 reservations it has received do not include any of the vehicles ordered by the Saudi Arabian in the 100,000 vehicles purchasing deal made in April.
Lucid’s Q2 report shows revenue income of $97.3 million, a 33 cents loss per share and 679 EVs delivered. House believes that the company will still have enough to cover operating costs “far into 2023”.
Steven David, a former employee of Stellantis, has been hired by Lucid as its senior vice president of operations to help solve the problems.
How Did Nikola Perform in Q2?
On Thursday, Nikola announced Q2 earnings that exceeded Wall Street projections and a lower-than-anticipated loss for the quarter. Revenue came in at $18.1 million, beating the consensus estimate of $16.5 million. Moreover, the recorded adjusted loss per share was 25 cents, compared to the estimated loss of 27 cents per share.
Nikola said that 48 of the 50 trucks that it produced during the second quarter were delivered to its dealers before the conclusion of the quarter. This falls slightly short of the company’s prediction to produce 50-60 trucks in Q2. The 50 trucks were all battery-powered variations of its Tre semi.
“The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo Power,” CFO Kim Brady said.
The company received approval from shareholders on Tuesday to issue additional stock following the Monday announcement that it would purchase Romeo Power for $144 million in stock.
In addition, Nikola said that it has selected sites for three hydrogen refueling stations in California, scheduled to launch in late 2023.
The EV manufacturer confirmed its prior 2022 forecast to deliver between 300 and 500 of its battery-operated Tre trucks.
How Did Lordstown Motors Perform in Q2?
Lordstown Motors, an electric truck company, reiterated its intentions on Thursday to launch the first customer deliveries before the end of the year and to commence commercial production of its first truck this quarter.
According to Lordstown CEO Edward Hightower, the company only plans to make 500 cars through the beginning of 2023, as the production of the Endurance pickup is expected to be gradual and heavily dependent on financial availability.
In comparison to previous projections of $150 million, the company stated it will only need to raise between $50 million and $75 million this year, but CFO Adam Kroll believes Lordstown will require further funding in 2023, according to Kroll.
Despite not delivering any vehicles, the firm declared its first quarterly operating profit of $61.3 million for the period ending June 30.
The market value of the business is about $614 million.
Summary
US-based EV startups have continued to encounter challenges as they ramp up efforts to catch Tesla and grab a more meaningful market share.
