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Lucid Group Inc. (LCID) reported its first quarter financial results after the market close on Thursday, delivering solid results.
The US electric vehicle manufacturer reported revenue of $57.675 million, surpassing analyst estimate of $55.556 million.
The company reported a loss per share of -$0.05 vs. -$0.31 loss per share expected.
“We continued to make progress in the first quarter of 2022 despite on-going global supply chain challenges,” Lucid CEO, Peter Rawlinson said in a press release after the results were announced.
Sherry House, CFO of Lucid also commented on the results: “Our Q1 revenue was $57.7 million, primarily driven by higher customer deliveries of Lucid Air vehicles. We continue to have a healthy balance sheet, closing the quarter with nearly $5.4 billion of cash on hand, which we believe is sufficient to fund the Company well into 2023.”
“In addition to the 30,000 customer reservations we announced today, we recently signed a deal in which the government of Saudi Arabia committed to purchase up to 100,000 electric vehicles from Lucid over the next 10 years,” House added.
Lucid also confirmed that its production volume is on track to produce 12,000-14,000 vehicles this year.
Lucid Group Inc. chart
Shares of Lucid were down by 6.96% at the close of trading on Thursday at $18.78 per share.
Here is how the stock has performed in the past year:
Lucid price targets
Lucid Group Inc. is the 2nd largest electric vehicle manufacturer in the world with a market cap of $31.38 billion.
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Sources: Lucid Group Inc., TradingView, CompaniesMarketCap
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