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Lucid Motors faces setback with Q1 loss, but exciting new Gravity SUV still on track for late 2024 launch

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Lucid Motors has reported a significant drop in its stock value following a Q1 loss. Despite this setback, the company has confirmed that its highly anticipated Gravity SUV is still on track for a late 2024 launch. Lucid Motors remains confident in its ability to deliver cutting-edge electric vehicles to the Market, despite the challenges faced in the first quarter of the year.





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EV maker Lucid, trading under the ticker symbol LCID, recently released its first-quarter financial results, which were a mixed bag. Despite surpassing revenue expectations at $172.7 million, the company reported a wider-than-expected loss per share of $0.30. This disappointing news caused Lucid’s stock to drop over 10% in early trading.

However, there were some positive highlights in the report. Lucid confirmed that its highly anticipated Gravity SUV is still on track for a 2024 debut. Additionally, the company announced an increase in vehicle deliveries compared to the previous quarter, with plans to produce 9,000 vehicles in 2024.

One factor that may have contributed to increased sales is Lucid’s recent price cuts on its electric vehicles, which likely attracted more customers. The company’s interim CFO, Gagan Dhingra, mentioned that cost optimization initiatives and lower battery costs helped improve gross margins.

Despite these positive developments, investors are still concerned about the capital expenses incurred for Lucid’s Gravity production activities. The company reported capital expenditures of $198.2 million for the quarter and projected total expenditures of $1.5 billion in 2024.

On a brighter note, Lucid CEO Peter Rawlinson expressed optimism about the long-term benefits of investing in Gravity. He believes that the SUV will lead to economies of scale and drive volume for the company, ultimately improving profitability.

In terms of liquidity, Lucid stated that it has $4.62 billion in cash and cash equivalents, enough to sustain operations into the second quarter of 2025. The company also secured a $1 billion investment from its majority shareholder, Ayar Third Investment Company, affiliated with Saudi Arabia’s Public Investment Fund.

Overall, despite the challenges faced in the first quarter, Lucid remains hopeful about its future prospects. The company’s strong focus on technological innovation and strategic partnerships, particularly with Saudi Arabia’s PIF, positions it well for success in the rapidly evolving electric vehicle Market.

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1. Why did Lucid stock go down in Q1?
Lucid experienced a loss in Q1, causing its stock to decrease.

2. When is Lucid planning to launch the Gravity SUV?
Lucid has confirmed that the Gravity SUV is on track for a “late 2024” launch.

3. What impact does the Gravity SUV have on Lucid’s future?
The Gravity SUV is an important part of Lucid’s future product lineup and Market expansion.

4. How is Lucid addressing its Q1 loss?
Lucid is likely implementing strategies to improve profitability and financial performance in the future.

5. Can investors expect to see growth in Lucid stock in the near future?
The success of the Gravity SUV launch and other upcoming developments could potentially lead to growth in Lucid’s stock price.

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