Lucid announces Q1 2023 financial results.
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Lucid announces Q1 2023 financial results.

Lucid reported first quarter revenue of $149.4 million, having produced 2,314 vehicles at its manufacturing facility in Arizona and delivered 1,406 vehicles.

Lucid Group announced its financial results for the quarter ended March 31, 2023. The company’s report highlighted impressive figures, including robust revenue, vehicle production, and delivery numbers, further solidifying its position in the rapidly evolving electric vehicle market.

Lucid Group reported a first quarter revenue of $149.4 million, underscoring the growing demand for their innovative electric vehicles. The company’s manufacturing facility in Arizona played a pivotal role, producing 2,314 vehicles during the same period. Notably, Lucid successfully delivered 1,406 vehicles, showcasing their ability to meet customer expectations.

The company’s ambitious plans for 2023 are evident in its commitment to manufacturing more than 10,000 vehicles, a substantial increase compared to previous years.

Lucid Group’s financial stability is equally noteworthy. With approximately $4.1 billion in total liquidity, the company is poised to navigate the competitive landscape and fund its operations until at least the second quarter of 2024. This financial backing provides a solid foundation for Lucid to continue innovating and expanding its electric vehicle offerings.

“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,” said 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.”

“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.”

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