At Extreme Investor Network, we are dedicated to bringing you the latest and most valuable information in the world of finance. Today, we’re diving into the mixed first quarter results reported by EV maker Lucid (LCID).
Lucid recently disclosed their first-quarter financials, revealing revenue of $172.7 million, surpassing expectations and showing a 16% increase from the previous year. Despite this positive revenue growth, the company reported a loss per share of $0.30, wider than analysts’ estimates of $0.25. Additionally, their adjusted EBITDA loss of $598.4 million exceeded the forecast of $505.1 million.
One highlight from the report was Lucid’s confirmation that their Gravity SUV is still on schedule for a 2024 debut. CEO Peter Rawlinson expressed confidence in the company’s sales momentum and the upcoming SUV, stating that they believe the Gravity will become the best SUV in the world.
In terms of production and deliveries, Lucid announced the production of 1,728 vehicles and the delivery of 1,967 vehicles in Q1. They aim to produce 9,000 vehicles in 2024, building upon the 8,428 vehicles produced last year.
Despite the positive delivery numbers, Lucid’s margins were impacted by recent EV price cuts and capital expenses related to their Gravity production activities. Capital expenditures for the quarter totaled $198.2 million, with projected expenditures of $1.5 billion in 2024.
With $4.62 billion in cash and equivalents on hand, Lucid’s liquidity is sufficient to sustain operations into Q2 of 2025. A recent funding agreement with majority shareholder Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund, provided a $1 billion investment boost.
At Extreme Investor Network, we recognize Lucid’s commitment to innovation and technology as key differentiators in the competitive EV market. Stay tuned with us as we continue to bring you the latest updates and in-depth analysis on Lucid and other impactful players in the finance world. Remember to follow us for more exclusive content and insights on Twitter and Instagram.
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