Yahoo Autos Lucid stock down on Q1 loss, confirms Gravity SUV on track for 'late 2024' launch
EV maker Lucid (LCID) reported mixed first quarter results as a wider-than-expected loss trumped the company's confirmation that its Gravity SUV is still on track for a 2024 debut.
For the quarter, Lucid reported revenue of $172.7 million, topping expectations of $150.1 million and nearly 16% higher than a year ago. Lucid's loss per share, however, came in at $0.30, higher than estimates of $0.25, with its adjusted EBITDA loss coming in at $598.4 million compared to the $505.1 million forecast by analysts per Bloomberg.
“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world,” Lucid CEO Peter Rawlinson said in a statement. Lucid confirmed its Gravity SUV was set for a "late 2024" production start, and its upcoming midsize vehicle was slated for a late 2026 launch.
Lucid stock was down 5% in after-hours trading.
