Lucid Reports Q1 Earnings: Revenue Reached $172.7 Million
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
The California-based startup Lucid Motors published on Monday its financial results from the first quarter of the year reporting a revenue of $172.7 million, below analysts expectations of $182 million.
The company reported $5.03 billion of total liquidity by March 31st and a net loss of $684 million, down from $780 million in the first quarter of last year.
Lucid shares surged 9.52 percent on Monday and are trading 4 percent lower at $2.92 immediately after the earnings results.
In the first quarter of the year, the EV maker produced 1,728 units of its Air luxury sedan with deliveries reaching 1,967 vehicles, an increase of 39.9 percent compared to the same period of last year.
In February, Lucid said that its production guidance for this year was “approximately 9,000” units, which would represent a slight increase from the 8,428 vehicles produced in 2023.
“I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” said Peter Rawlinson, Lucid’s CEO.
“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world,” he added. Lucid’s interim CFO enhanced that the company is focused on significant growth as the cost optimisation continues.
“We continue to make significant progress on our cost optimization programs,” said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid.
“We’re focused on significant growth as we enter the next transformational phase of Lucid’s end markets while simultaneously driving cost discipline,” he added.
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Earlier today, Lucid announced on X that the Lucid Air now comes with a $1,000 Charging Allowance toward the purchase of Lucid charging accessories, and up to two years of complimentary scheduled maintenance.
More than 620 questions were asked over the last weeks and the most upvoted ones will be answered in the following earnings conference call that starts at 5:30pm ET.
The Q&A had a total of over 3,800 participants representing more than 4.91 million shares and the most upvoted question asks Lucid’s management about the path to profitability.
NEVER MISS AN UPDATE
NEVER MISS AN UPDATE
Citi recently resumed coverage of Lucid Motors’ shares with a neutral rating and $2.90 price target. The firm emphasises Lucid’s “strong” electric vehicle (EV) technology although it raises concern on the execution risk for the upcoming model planned for late 2024 Gravity.
Last month, Lucid Motors signed a partnership with the electric vehicle (EV) charging company Wallbox to provide chargers to its European customers.
Written by Cláudio Afonso | Info@claudio-afonso.com | LinkedIn | X
