According to foreign media reports, Lucid Motors, an electric vehicle startup, had a net loss of 685 million dollars in the first quarter, and reiterated that its production in 2024 was expected to be only 9000 vehicles, because high interest rates and weak demand for electric vehicles affected the company's growth.
Compared with the net loss of 780 million dollars in the same period last year, Lucid's net loss in the first quarter of this year narrowed, but the company's share price still fell 7.5% to 2.82 dollars per share in the 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 that as of the end of the first quarter, its cash and cash equivalents were $2.2 billion, compared with $1.4 billion at the end of the fourth quarter last year.
Although the sales of Air electric cars in the first quarter increased compared with the same period last year, Lucid continued to consume cash.
Although the sales volume of Lucid in the first quarter increased by 40% compared with the same period last year, mainly due to the high amount of sales incentives provided to consumers, the company's output did not increase significantly. In the first quarter, Lucid produced a total of 1728 Air units, which made it difficult for the company to achieve the expected output of 9000 units this year.
On the financial report conference call, Peter Rawlinson, CEO of Lucid, said that most of the company's current expenditures are in preparation for future products in order to expand production and achieve profitability.
Rawlinson said that in order to make a profit, first of all, we should continue to increase the sales volume of Air on the basis of a 40% increase in the delivery volume in the first quarter. The next step is to launch the second model, the Gravity crossover, at the end of this year. The third step is to launch a small "medium-sized" platform. The company will release a new model based on the new platform before the end of 2026, and the starting price of the new model is about 48000 dollars (excluding freight).
At present, the starting price of the Air limousine is 71400 dollars (including freight), and Lucid said that the starting price of the three seat Gravity model is about 80000 dollars (excluding freight).
Lucid also announced at the financial report meeting that Michael Bell, the senior vice president of its digital department, had resigned with immediate effect. Lucid said that Derrick Carty, vice president of platform software, would temporarily lead his digital team. (Gaishi Automobile Nebula)
