Lucid Q1 revenue and adjusted loss per share both missed expectations, suspends performance guidance

Golden Ten Data May 6th｜Electric vehicle manufacturer Lucid Group announced that first quarter revenue increased by 20% year-on-year to $282.5 million, while analysts had expected $440.4 million; adjusted loss per share was $2.82, much worse than the market’s expected loss of $2.30 per share. During the period, the company produced 5,500 vehicles, a year-on-year increase of about 149%, but delivered only 3,093 vehicles, as seat supplier issues limited February deliveries. The company’s Chief Financial Officer, Taoufiq Boussaid, stated that with the arrival of the new CEO, Silvio Napoli, who is currently reviewing the business, the company is suspending previously issued guidance and will provide a full updated outlook during its second quarter earnings call. Previously, the company had predicted this year’s production to be between 25,000 and 27,000 units.