According to foreign media reports, Lucid Motors, an electric vehicle startup, posted a net loss of $685 million in the first quarter and reiterated its production forecast of only 9000 vehicles in 2024, as high interest rates and weaker demand for electric vehicles affected the company’s growth.
Lucid’s net loss narrowed in the first quarter compared with a net loss of $780 million in the same period last year, but the company’s shares fell 7.
5% to $2.
82 in after-hours trading on may 6.
In the first quarter, Lucid’s revenue was $173 million, up from $149 million in the same period last year.
The company said its cash and cash equivalents were $2.
2 billion at the end of the first quarter, compared with $1.
4 billion at the end of the fourth quarter of last year.
Photo: Lucid, although sales of Air electric cars increased in the first quarter compared with the same period last year, Lucid continues to consume cash.
Although Lucid sales increased by 40% in the first quarter compared with the same period last year, mainly due to the provision of higher sales incentives to consumers, the company’s production did not increase significantly.
In the first quarter, Lucid produced a total of 1728 Air, which made it difficult for the company to produce 9000 vehicles this year.
On the earnings call, Lucid CEO Peter Rawlinson said that most of the company’s current spending is preparing for future products to expand production and make a profit.
Rawlinson said that to make a profit, the first step is to continue to increase Air sales on top of the 40% increase in delivery in the first quarter.
The next step is to launch a second model, the Gravity crossover, by the end of this year.
The third step is to launch a smaller “medium” platform, which will launch a model based on the new platform by the end of 2026, with a starting price of about $48000 (excluding freight).
Currently, the Air large sedan starts at $71400 (including freight), while Lucid says the three-seat Gravity starts at about $80, 000 (excluding freight).
Lucid also announced at the earnings meeting that Michael Bell, senior vice president of its digital division, has resigned, effective immediately.
Derrick Carty, vice president of platform software, will lead his digital team temporarily, Lucid said.
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