News
Lucid Motors First Quarter Financial Report Is Out And It Doesn’t Look So Good
Lucid Motors published its financial report for the first quarter of this year and there seems to be some good news, but more bad ones. The good news is that the company sold 39% more Airs compared to Q1 of 2023. However, it still reported a $598 million financial loss for the quarter.
There’s much-needed context to the increased sales, though. The company has very limited production capacity, so shipping 1,967 units is indeed a 39% increase but from a very modest total in the first place. The car manufacturer produces about 9,000 vehicles on average per year.
That’s part of the reason Lucid struggles with its finances – most of the cash inflow goes straight to future investments and building new manufacturing facilities. Right now, the Saudi Arabian Public Investment Fund is the main shareholder of the company and has recently received an additional $1 billion in Q1 this year.
Lucid’s CEO remains optimistic about the medium- to long-term future of the company, as the development of its first SUV is right on schedule. The Lucid Gravity is expected to launch by the end of this year and since SUVs and trucks dominate the US car market, the upcoming model will likely help boost Lucid sales significantly.
