Luxury electric vehicle maker Lucid is still batting down demand concerns.
on Monday reported widening first-quarter losses, but said that it still has enough cash to continue operations into next year.Hakyung Kim"We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow," CEO Peter Rawlinson said on Monday. Lucid guided to 2023 production of between 10,000 and 14,000 vehicles in February.
Lucid's first-quarter net loss was $779.5 million, much wider than the net loss of $81.3 million it reported in the, when it was still ramping up production of the Air. Revenue, however, jumped year over year to $149.4 million, from $57.7 million during the same quarter last year. Lucid ended the first quarter with about $3.4 billion in cash and about $700 million in available credit lines. CFO Sherry House said that cash should be sufficient to fund the company at least until the second quarter of 2024.
Lucid had about $4.4 billion in cash and an additional $500 million in credit available as of the end of 2022., roughly 1,300 workers, in a bid to lower spending.
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