Lucid Motors (LCID -1.39%) released its first-quarter results on May 6, showing a mix of progress and challenges. On the bottom line, the luxury electric vehicle (EV) maker's loss of $0.30 per share came up short of analysts' consensus expectation for a loss of $0.25 per share. And while revenue grew to $172.7 million, that slightly missed the forecast of $173.5 million.
| Metric | Q1 2024 | Q1 2024 Analyst Estimate | Q1 2023 | % Change |
|---|---|---|---|---|
| Earnings per share | ($0.30) | ($0.25) | ($0.43) | N/A |
| Revenue | $172.7 million | $173.5 million | $149.4 million | 15.6% |
| Vehicles delivered | 1,967 | N/A | 1,405 | 40% |
| Liquidity | $5.03 billion | N/A | N/A | N/A |
Data sources: Company results from company. Analyst estimates from FactSet.
Company overview
Lucid Motors stands out in the electric vehicle industry with its advanced technology and innovative products like the Lucid Air, which boasts unparalleled efficiency and charging capabilities. The company is focused on expanding its manufacturing capabilities, including the construction of a new facility in Saudi Arabia.
Recent efforts have concentrated on increasing production capacity and accelerating the launch of new models, such as the much-anticipated Gravity SUV.
Quarterly highlights
In the first quarter, Lucid faced challenges. However, its growth in vehicle deliveries and the $1 billion financing boost it got from an affiliate of Saudi Arabia's Public Investment Fund (PIF) paint a more complex picture. The funds from that equity sale bolstered Lucid's total liquidity to approximately $5.03 billion as of the end of the quarter, extending it a crucial lifeline as it works toward its ambitious expansion goals.
Looking ahead
Lucid Motors management remains optimistic, based on the EV maker's technology and its cost-cutting efforts, though it offered no guidance numbers for the coming quarters or the year. The introduction of new models like the Gravity SUV and continued global expansion are expected to open new avenues for growth.
Investors should monitor Lucid's progress in production efficiency and growth, market expansion, and its financial trajectory post-financing. Positive momentum in these areas could signal strong future performance, despite its recent lags on financial metrics.
