Lucid now aims to produce 'more than 10,000 vehicles' this year, down from its previous estimate of 10,000-14,000 vehicles.
Lucid Group announced financial results for the first quarter of 2023, and investors will be struggling to find some good news in the report.
The EV startup posted a first-quarter net loss of $780 million , despite revenue of $149.4 million in the same period.
For example, Lucid delivered 4,369 cars in 2022, far below the 7,180 units it produced during the year. Back to the Q1 2023 results, the automaker says it ended the quarter with approximately $4.1 billion total liquidity, which is enough to fund it"at least into the second quarter of 2024." "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."
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