Nascent EV maker Lucid Motors reported its first quarter revenue jumped 159% to $149.4 million, but it continues to struggle to meet production expectations.
The company built 2,314 vehicles during the first three months of the year, delivering 1,406 of them. The company now says it plans to build 10,000 vehicles for the full year, with the numbers rising each quarter.
“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, in a statement, reiterating it to analysts and investors during the earnings call.
The company did take a few charges during the first quarter, including a $267.9 million non-cash charge related to inventory and firm purchase commitments write-downs and a charge in fair value of a common stock warrant liability.
It took an additional $22.5 million charge due to its recent restructuring for severance payments, employee benefits and stock-based compensation expenses related to the reduction in headcount of 1,300 people.
Plenty of cash
While the company often mentioned at Tesla’s competition saw the amount of money it took in rise, it’s certainly not on a Tesla-type level. But the trajectory is positive, especially as begins testing on its next vehicle, the Gravity SUV.
“Our Q1 revenue was approximately $149 million, which represented a year-over-year increase of 159%,” said Sherry House, Lucid’s chief financial officer.
“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. Our mission and optimism are unchanged. We are committed to an environmentally sustainable future — designing, building, and delivering the best EVs on the market.”
It’s good that they’ll have that cash, because it will have capital expenditures coming in between $1.4 billion and $1.6 billion for the remainder of the year as it continues testing the aforementioned Gravity, the expansion at its Arizona-based production facility and ramping up production levels for the remainder of the year.