Lucid sells 900 fewer vehicles than it produced in Q1'23

Lucid sells 900 fewer vehicles than it produced in Q1’23

Lucid assures it has enough to fund the company through at least Q2'24.

In its first-quarter 2023 financial results report, Lucid Group reported first-quarter revenue of $149.4 million, having produced 2,314 vehicles at its manufacturing facility in Arizona and delivering 1,406 vehicles during the same period. Lucid said it plans to manufacture more than 10,000 vehicles in 2023 and ended the first quarter (ending March 31, 2023) with approximately $4.1 billion total liquidity, which is expected to fund the company at least into the second quarter of 2024.

“Our Q1 revenue was approximately $149 million, which represented a year-over-year increase of 159%. We ended the quarter with just over $3.4 billion in cash, cash equivalents, and investments, with total liquidity of approximately $4.1 billion, which we believe is sufficient to fund the company at least into Q2 of 2024,” said Sherry House, Lucid’s CFO. “Our mission and optimism are unchanged. We are committed to an environmentally sustainable future – designing, building, and delivering the best EVs on the market.”

“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,” added Peter Rawlinson, Lucid’s CEO and CTO. “We continue to grow our brand awareness and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades. We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance.”

You May Also Like

ZC Rubber unveils new EV series and EV editions of Westlake and Goodride tires

ZC Rubber introduced the Westlake ZuperAce EV, alongside the EV editions of Westlake ZuperAce Z-007 EV Ready and Goodride Solmax 1 EV Ready.

ZC-Rubber-EV-tire-lineup

ZC Rubber launched its latest EV tire lineup at The Tire Cologne 2024. With the theme “E-Mobility Is Coming Your Way," ZC Rubber introduced three products, including the Westlake ZuperAce EV, alongside the upgraded EV editions of Westlake ZuperAce Z-007 EV Ready and Goodride Solmax 1 EV Ready.

The unveiling of the Westlake ZuperAce EV featured ZC Rubber's Vice President, Zhiqiang Jiang and Henry Shen, alongside renowned Arsenal soccer star, Robert Pirès. The manufacturer said the joint appearance underscored the tire's features and highlighted the partnership between ZC Rubber and Arsenal.

Hexagon Agility, Brudeli to deliver NZEVs for U.S. freight transport

The companies plan to introduce the first pilot trucks with this technology in 2026, with serial production slated for 2028.

BRUDELI-Green-Mobility
Isuzu announces NRR EV truck with electric refrigerated body

Available with 3 wheel base options and 4 battery pack configurations, Isuzu says the truck will have a max range of 235 miles.

Isuzu-NRR-EV-TKe300-Reefer
Hyundai shares vision for hydrogen society at ACT Expo

The company says it is leveraging its affiliates’ cross-industry capabilities spanning the entire hydrogen value chain.

Hyundai_Motor-Hydrogen
ZM Trucks debuts five EV truck models at ACT Expo

ZM Trucks Asian-market production models displayed at ACT Expo included the ZM4, ZM8, ZMx FCEV and ZM22.

ZM-Trucks-zm8

Other Posts

W Motors, Everrati partner for manufacturing in UAE

Through its Powered by Everrati B2B division, Everrati will develop and supply advanced electric powertrain solutions for W Motors.

Everrati-W-Motors
PepsiCo expands electric-powered fleet in CA

The EV deployment will help the company progress toward its goal to reach net zero emissions by 2040.

PBNA-FORD-E-Transit
Hyundai, Plus demonstrate Level 4 autonomous electric truck at ACT Expo

Hyundai Motor’s XCIENT Fuel Cell truck, equipped with Plus SuperDrive Level 4 autonomous driving technology, was on display at the event.

Hyundai-Plus-Autonomous-Electric-truck
Bridgestone develops Potenza Sport tires for Maserati’s all-electric SUV

The Maserati Grecale Folgore was designed and produced in Italy, as were its bespoke Bridgestone Potenza Sport Enliten tires.

Maserati_Grecale_Folgore_Bridgestone