Lucid Group Misses On Q1 Earnings: EV Manufacturer Gives Update On Production, Upcoming Gravity SUV

Electric vehicle company Lucid Group LCID reported first-quarter financial results after the market close Monday. Here are the key highlights.

What Happened: Lucid Group reported first-quarter sales of $149.43 million, up 159% year-over-year. First-quarter sales missed a Street consensus estimate of $209.88 million from analysts, according to data from Benzinga Pro.

The company reported a loss of 43 cents per share in the first quarter, which missed a Street estimate of a loss of 41 cents per share.

The company announced production of 2,314 vehicles and deliveries of 1,406 vehicles in the quarter. 

Lucid ended the first quarter with $3.4 billion in cash and cash equivalents and total liquidity of around $4.1 billion. The company said this is sufficient to fund operations through at least the second quarter of 2024.

“Our mission and optimism are unchanged. We are committed to an environmentally sustainable future – designing, building and delivering the best EVs on the market,” Chief Financial Officer Sherry House said.

Related Link: Trading Strategy For Lucid Stock After Q1 Earnings

What’s Next: Lucid shared an update Monday on production and its next models.

“We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow,” Lucid CEO Peter Rawlinson said.

Rawlinson said the company will unveil the Gravity SUV later this year, with a launch planned in 2024.

“We cannot wait for everyone to experience it,” Rawlinson said of the Gravity SUV. “The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category.”

LCID Price Action: Lucid shares are down 6% to $7.21 in after-hours trading Monday.

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