Lucid’s Q1: Production Ramps, Losses Narrow, But Inventory Piles Up
🚗 Lucid produced 2,200 vehicles in Q1 (excluding 600 in transit to Saudi) and delivered 3,100 vehicles, a 58% increase, generating revenues of $285 million.
💰 The company reported a net loss of $0.24 per share and ended the quarter with $5.76 billion in liquidity. Losses and stock-based compensation were considerably reduced year-over-year, showing some operational improvement.
📦 While operational improvements are evident under a new CEO, inventory levels rose by $206 million, and write-downs were nearly $50 million, indicating ongoing challenges in matching production with sales effectively.
Lucid Group Expands Footprint Acquiring Nikola Assets
🏭 Lucid has successfully bid to acquire select facilities and assets in Arizona previously owned by the bankrupt electric truck company, Nikola.
💰 The deal involves approximately $30 million in cash and non-monetary considerations for manufacturing plants, leases, machinery, and inventory.
👥 Lucid plans to offer employment to over 300 former Nikola employees, significantly boosting its presence and workforce in Arizona.
