Lucid Motors first quarter financial report announced: net loss narrowed and performance improved

Lucid Motors, an emerging American electric vehicle manufacturer, recently released its first-quarter financial report. Although the company still faces a net loss of $4.5 billion, its financial position has improved compared to the same period last year. News on May 7 showed that as Lucid Motors continues to expand production capacity and increase sales, the company's development prospects are promising.

Lucid’s net loss this quarter was US$684.7 million, which was lower than the net loss of US$779.5 million in the same period last year. At the same time, the company, which specializes in manufacturing luxury electric vehicles, reported first-quarter revenue of $173 million, an increase from $149 million in the same period in 2023. At the end of the quarter, Lucid's cash equivalents reached $2.2 billion, significantly higher than the $1.4 billion in the previous quarter. It should be noted that this company is currently in a period of rapid development, and its financial strength can support its future development.

Lucid disclosed first-quarter production and delivery data last month. The delivery volume of its flagship Air sedan reached 1,967 units, a year-on-year increase of more than 40%, and the production volume was 1,728 units. In addition, the company also reiterated its production target for 2024, expecting to produce 9,000 pure electric vehicles. Behind this goal is strong support from Saudi Arabia’s Public Investment Fund (PIF).

Peter Rawlinson, CEO and CTO of Lucid, said in a press release: "What makes Lucid unique is our superior technology and close collaboration with PIF." He also emphasized , as sales momentum increases, the company continues to focus on costs, and the upcoming Gravity SUV is expected to become the best SUV on the market.

Lucid was not lost, but increased production had a positive impact on performance. In addition, the company's liquidity reached US$5.03 billion at the end of the first quarter, providing strong financial support for future expansion.

Lucid is planning to launch more electric vehicles in the future, including the highly anticipated Gravity SUV and a more user-friendly Model Y competitor. Production of the two new models is expected to begin in late 2026. To meet this production demand, Lucid is expanding its Arizona facility.

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