Lucid Group Inc (NASDAQ:LCID) announced that its first-quarter 2023 revenue increased 159% year over year to $149.4 million, which fell short of the $209.9 million consensus estimate provided by Refinitiv, as the company struggled to compete with industry-giant Tesla.
The EV manufacturer also noted that it ended the quarter with just over $3.4 billion in cash, cash equivalents, and investments, or total liquidity of about $4.1 billion, which Lucid’s chief financial officer believes is sufficient to fund the company at least into the second quarter of 2024.
Lucid’s first-quarter net loss, however, ballooned to $779.5 million, or $0.43 per share, from a loss of $81.3 million a year earlier.
The company added that it produced 2,314 vehicles at its manufacturing facility in Arizona during the period, while delivering just 1,406 to customers, a gap the company blamed on a “slow January” and changes to the US government’s EV tax credits.
For the full year 2023, Lucid expects to produce more than 10,000 vehicles, below the “more than 28,000″ reservations it recorded when reporting its fourth-quarter financial results in February.
Lucid declined to provide an updated reservation number in today’s announcement.
In March, the company said it would eliminate about 18% of its workforce, or about 1,300 workers, in a move to lower spending.
Shares of Lucid Group fell more than 5% in Monday’s after-hours session.
Contact Sean at sean@proactiveinvestors.com