Lucid has revealed a wider than expected loss as it contends with production challenges and uneven demand for high end electric vehicles.
The automaker lost an adjusted 30 cents a share in the first quarter, according to a statement, which was worse than the 25 cent loss expected on average in analyst estimates compiled by Bloomberg.
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Revenue of US$173m was above expectations, however.
Bloomberg said the results underscored the difficulty facing Lucid as it tries to reverse slumping shares and overcome production hurdles in the face of flagging consumer demand for EVs. The automaker recently secured a much-needed $1bn cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund.
Lucid still expects to make 9,000 vehicles this year, the company reportedly said, reaffirming an earlier forecast.
The manufacturer previously announced it produced 1,728 vehicles and delivered 1,967 last quarter.
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By GlobalData
