Despite reporting an immense Q1 net loss of $779.5M compared to $81.3M in Q1 2022, luxury EV manufacturer Lucid Group's revenue increased to $149.4M from $57.7M YoY.
Shares dropped 8% in after-hours trading on the news.
- CFO Sherry House stated, "With $3.4B in cash on hand and $700M in open credit lines, the corporation has enough money to run its business through the following year."
- Lucid plans to produce 10,000 vehicles in 2023, though it didn't provide an updated number from Q4 2022's 28,000 Air sedan reservations.
- Lucid produced 2,314 vehicles in Q1 and delivered 1,406 to customers, blaming a "slow January" and U.S. EV tax credit changes.
- To address demand concerns, Lucid has cut 1,300 employees and will unveil its new electric SUV, the Gravity, in 2023.
- In January, Lucid's stock surged amid speculation that Saudi Arabia's Public Investment Fund (PIF) would acquire the remainder of the company and take it private, in addition to Lucid's plans to build an EV factory in Saudi Arabia.
