Lucid reduces quarterly loss

The fact that the company was able to increase turnover in the first quarter from 173 million dollars in the previous year to 235 million dollars is also due to the known delivery figures: Lucid manufactured 2,212 vehicles from January to March, as reported, and delivered 3,109. In Q1 2024, only 1,967 vehicles were delivered.

At least as important as the increase in turnover is the fact that Lucid was able to significantly reduce its net loss. A year ago, net losses totalled USD 680.9 million, whereas in the first quarter of this year they were ‘only’ USD 366.2 million. Adjusted EBITDA, on the other hand, fell only slightly from $598 million to $563 million over the course of the year, but this figure is still the best of the last five quarters.

The company is maintaining its production target of around 20,000 vehicles for 2025. According to Lucid, it had total liquidity of around 5.76 billion US dollars on its balance sheet as at 31 March.

“We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities,” said Marc Winterhoff, Interim CEO of Lucid. “Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well positioned for future success.”

“We’re executing against our near-term goals — driving volume, improving margins, and operating with rigor,” added CFO Taoufiq Boussaid. “And we’re positioning ourselves for long-term value creation — with clear strategic priorities, strong liquidity, and breakthrough products that redefine their categories.”

Winterhoff has only been managing the company since the end of February, when CEO and CTO Peter Rawlinson stepped back into an advisory role. Before that, however, the German was already part of the Lucid management team as COO. However, a decision made under Winterhoff’s leadership will only be included in the annual report for the second quarter. In April, the electric car manufacturer acquired the former production facility, as well as the headquarters and development centre of the insolvent electric truck manufacturer Nikola in Arizona. Lucid is paying around 30 million dollars for this in a mixture of cash and non-cash benefits. The Nikola factory in Coolidge is only around 30 kilometres from the Lucid plant in Casa Grande. “As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community,” Winterhoff said a few weeks ago.

lucidmotors.com (announcement), lucidmotors.com (quarterly report as PDF)