Lucid reports revenue of $173 million and a net loss of $684.7 million in Q1.

Lucid Motors reported its Q1 earnings this week, showing some improvement from the same period last year despite still having over half a billion in net losses. The luxury segment electric vehicle (EV) maker reported revenue of $173 million, compared to just $149 million in Q1 2023, along with ending the quarter with cash equivalents of $2.2 billion, up from $1.4 billion in Q4. The company also reiterated a forecast of around 9,000 vehicles produced for 2024, highlighting its recent investments from the Saudi Arabia Public Investment Fund (PIF). Lucid has also noted that it ended Q1 with around $5.03 billion in liquidity, in part due to its $1 billion private placement arranged with an affiliate of the PIF.

*Updated 6:08 p.m. MT: Corrected first paragraph to read “half a billion in net losses” after incorrectly writing half a “million in net losses.”*

The performance of Lucid Motors in Q1 reveals improvements, with an increase in revenue and cash equivalents. The company’s forecast for vehicle production in 2024 and the significant investments it has received contribute to its positive momentum. Despite the substantial net losses, the overall liquidity of the company signals potential for growth and development.

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