Lucid Motors reported a net loss of $684.7 million in the first quarter, a slight improvement from the previous year’s $779.5 million loss, despite achieving a turnover of $172.7 million with 1,967 electric cars delivered.
The company anticipates investing $1.5 billion in 2024, up from $910.6 million in 2023, largely due to the planned production start-up of its two-model Gravity.
The Saudi sovereign wealth fund PIF, a key investor in Lucid, injected an additional $1 billion into the company. This investment, along with Lucid’s sales momentum and focus on cost reduction, has bolstered the company’s cash reserves, which stood at $2.17 billion at the end of March, up from $1.37 billion at the end of the fourth quarter of 2023.
“I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” said Peter Rawlinson, CEO and CTO at Lucid. “Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.”
Despite producing 1,728 and delivering 1,967 electric cars in the first quarter, more than in the previous quarter, Lucid still needs to ramp up production to meet its annual forecast of 9,000 BEVs in 2024.
The company’s efforts to reduce inventory, including lowering prices of the Air model, have contributed to a reduction in expensive inventory, with more cars delivered than built in Q1 2024 for the first time.
