Lucid Group recently released their first-quarter results, prompting a reaction from Tesla CEO Elon Musk. Lucid is one of the few pure electric vehicle (EV) companies in the United States not affiliated with a traditional car manufacturer, alongside Tesla, Rivian, and Fisker (Polestar is linked to Volvo and Geely Motors). In Q1, Lucid reported $173 million in revenue and a net loss of $684.7 million. Musk expressed his disapproval humorously on X with two responses, including a laughing emoji.
He highlighted that Lucid incurred a loss of around $350,000 for each car delivered in the past quarter, an improvement from the $377,000 loss in Q4. Additionally, Musk pointed out that Lucid’s survival is attributed to significant investment from the Public Investment Fund (PIF) of Saudi Arabia, referred to as their “sugar daddy,” which has injected $6.4 billion into the company.