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.”