Lucid Group falls after coming up short with Q1 revenue and deliveries
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Lucid Group (NASDAQ:LCID) announced that it produced 2,314 vehicles during Q1 at its manufacturing facility in Arizona and delivered 1,406 vehicles during the quarter vs. the consensus expectation for 1,835 vehicles. On a full-year basis, the electric vehicle maker expects to produce 10,000 vehicles in 2023.
Revenue was $149.4M vs. $57.7M a year ago and $197.8M consensus.
The company ended the quarter with approximately $4.1B total liquidity, which is expected to fund the company at least into the second quarter of 2024. Long-term debt stood at $1.99B at the end of the quarter.
Lucid did not add more new details about the partnership or investment from the Saudi Arabia Public Investment Fund. CEO Peter Rawlinson said company-wide initiatives that are ongoing will enable Lucid to pivot to higher volumes as market conditions allow.
Shares of Lucid Group (LCID) fell 5.25% in postmarket trading after trimming 0.26% during the regular session.
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