Fremont, California – Electric vehicle manufacturer Lucid Motors faced a setback in the first quarter, reporting a wider-than-expected loss despite surpassing revenue expectations. The company’s focus on its upcoming Gravity SUV’s 2024 debut provided some optimism among investors, even as its stock dipped over 8% in after-hours trading.
In the first quarter, Lucid recorded revenue of $172.7 million, exceeding analysts’ projections of $150.1 million and marking a nearly 16% increase from the previous year. However, the company reported a loss per share of $0.30, higher than the estimated $0.25, and its adjusted EBITDA loss was $598.4 million, missing the $505.1 million forecast.
Lucid CEO, Peter Rawlinson, expressed confidence in the company’s sales momentum and cost management strategies. He reaffirmed that the Gravity SUV was on schedule for a late 2024 production start, with a midsize vehicle slated for a late 2026 launch. The company’s latest round of EV price cuts in February aimed to boost sales, potentially impacting margins.
Despite concerns about capital expenditures related to Gravity production activities, Lucid remains optimistic about the SUV’s potential to increase the company’s scale and improve cost structures. Rawlinson highlighted the importance of volume in realizing cost efficiencies and success for Lucid.
In terms of cash position, Lucid disclosed having $4.62 billion in cash and cash equivalents, ensuring liquidity into the second quarter of 2025. A recent funding agreement with majority shareholder Ayar Third Investment Company for a $1 billion investment secures additional financial support for the company.
Rawlinson emphasized the strategic partnership with Saudi Arabia’s Public Investment Fund (PIF), highlighting their shared vision for success and the technological edge that sets Lucid apart in the industry. The company aims to leverage these investments and partnerships to drive growth and innovation in the electric vehicle market.
Despite the mixed financial results, Lucid’s commitment to product development, cost optimization, and strategic partnerships positions the company for future success. Investors will be closely watching as Lucid navigates the challenges and opportunities in the rapidly evolving EV industry.