'A big miss': Lucid posts quarterly revenue well below estimates
Lucid, faced with mounting losses, has largely shied away from lowering prices apart from a discount of $7,500 on certain variants of its Air luxury sedan bought before March 31.
The company reported quarterly revenue of $149.4 million, compared with analysts' average estimate of $209.9 million, according to Refinitiv. It last month reported first-quarter production and delivery figures lower than in the preceding three months. Lucid CEO Peter Rawlinson said in a statement on Monday the company was on track to produce over 10,000 vehicles in 2023, compared with an earlier forecast for 10,000 to 14,000 units this year.The first quarter net loss widened to $779.5 million from $604.6 million a year earlier, while cash and cash equivalents fell to $900 million at the end of the first quarter from $1.74 billion in the fourth quarter.
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