Lucid Group Inc (NASDAQ: LCID) is down 7.0% after the bell on Monday even though it came in ahead of sales estimates for its fiscal Q1.
Why is Lucid stock down in after-hours?
The stock is taking a hit primarily because $LCID lost more money on a per share basis than expected.
On the plus side, though, Lucid remains confident that it will produce 9,000 vehicles this year which translates to about a 7.0% increase versus 2023. Peter Rawlinson – chief executive of the electric vehicles company said in a press release today:
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.
Watch here: https://www.youtube.com/embed/N0nQ49gHYQI?feature=oembed
Note that the Nasdaq-listed firm delivered 1,967 vehicles in the first quarter which translates to about a 40% increase over last year. Lucid stock is now down some 30% versus the start of 2024.
Notable figures in $LCID Q1 earnings report
Lucid Group Inc generated $173 million worth of sales and lost 30 cents per share in its recently concluded quarter.
Analysts, in comparison, were at $154 million and 25 cents a share, respectively. According to Gagan Dhingra – interim chief financial officer of the EV firm:
We continue to make significant progress on our cost optimization programmes. We’re focused on growth as we enter next transformational phase of Lucid’s end markets while driving cost discipline.
$LCID resorted to a private placement with an affiliate of PIF (Public Investment Fund) to raise $1.0 billion in Q1. It ended the quarter with just over $5.0 billion in total liquidity. Wall Street currently has a consensus “hold” rating on Lucid stock.
The post Lucid reports 16% revenue growth for Q1: find out more appeared first on Invezz