Lucid Group (NASDAQ:LCID) shares are in negative territory in after-hours trade after the company posted a wider loss from a year ago on a 39% decline in revenue.
Shares were down as much as 11% before reversing some of the earlier loss.
The electric vehicle maker generated $157.2M in revenue off customer deliveries of 1,734 vehicles. This compares to $257.7M in sales for the same quarter last year, and is below the consensus estimate of $181.8M
The company reported a loss of $0.29 a penny wider from a year ago, but in-line with the Street’s consensus estimate.
In 2024, the company produced 2,391 vehicles in Q1 and 8,428 in 2023, within its 2023 guidance of 8,000 to 8,500 vehicles. For 2024, the company expects to produce ~9K vehicles.
Cash and cash equivalents narrowed to $1.37B from $1.735B and ended the quarter with ~4.78B of total liquidity.
