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Electric-car maker Lucid Motors reported a steeper loss in the first quarter than Wall Street expected, and also came up short on sales forecasts.
The company notched $149.9mn in sales, missing analysts’ estimates for $209.9mn. It reported a wider-than-expected loss of $772mn, and said it finished the quarter with $4.1bn in liquidity, which is expected to fund the company at least until the second quarter of 2024.
California-based Lucid produced 2,314 vehicles in the first quarter and delivered 1,406. It delivered 360 vehicles in the same quarter last year.
The company said it was on track to produce more than 10,000 vehicles in 2023. It produced 7,180 in 2022, beating its late-year guidance of 6,000 to 7,000, which was slashed in half from the start of 2022.
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