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
EV maker Lucid 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.
“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’s latest round of EV price cuts announced in February likely boosted sales but hurt the company’s margins, which were also likely impacted by capital expenses incurred for its Gravity production activities. Lucid said capital expenditures hit $198.2 million in the quarter, with expenditures expected to tally $1.5 billion in 2024.
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