Lucid Group, Inc., a prominent electric vehicle company, recently unveiled their first-quarter financial results post-market close. The company reported a revenue of $172.7 million for the first quarter, surpassing the Street's consensus estimate of $157.0 million as per Benzinga Pro's data. However, they experienced a loss of 30 cents per share, missing the Street's consensus estimate of a 25 cents per share loss.
Although the production of vehicles for the first quarter decreased to 1,728 compared to the 2,314 vehicles produced in the same period last year, Lucid recorded an increase in deliveries, with 1,967 vehicles delivered compared to 1,406 vehicles in the previous year's first quarter. Additionally, by the end of the first quarter, Lucid had accumulated approximately $5.03 billion in total liquidity, following a financing infusion of $1.0 billion from a private placement to a PIF affiliate.
Lucid's CEO, Peter Rawlinson, highlighted the company's unique selling points, emphasizing their superior in-house technology and strategic partnership with the Public Investment Fund (PIF). Looking ahead, the company aims to achieve an annual production target of 9,000 vehicles by 2024. Lucid's Chief Financial Officer, Gagan Dhingra, mentioned that the company is actively working on cost optimization programs and remains committed to driving growth while ensuring cost efficiency in the forthcoming transformational phase of Lucid's markets. Despite this positive outlook, Lucid's shares experienced an 8% dip to $2.81 in after-hours trading, falling within a 52-week trading range of $2.29 to $8.37.