Lucid Group Inc on Wednesday forecast 2023 production well short of analysts' expectations after reporting quarterly revenue that missed Wall Street estimates, and the electric carmaker's shares fell 10% after hours.

Lucid said expects to produce 10,000 to 14,000 luxury electric vehicles this year, up from 7,180 cars last year. Analysts on average expected the company to make 21,815 cars, according to Visible Alpha.

The company, backed by Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), delivered 1,932 vehicles in the fourth quarter bringing the total to 4,369 units last year, far lower than the 7,180 cars it made in 2022.

Price cuts by the world's most valuable automaker Tesla and Ford Motor Co have made it harder for companies such as Rivian Automotive Inc and Lucid to grab share in an industry competing for shrinking consumer wallets.

Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv.

The company's net loss narrowed to $472.6 million or 28 cents per share, from a loss of $1.05 billion or 64 cents per share, a year earlier.

Shares of the Newark, California-based company fell about 10% in extended trading. The stock fell 82% last year after Lucid halved its production forecast due to supply chain issues.

  - Reuters