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Lucid (LCID) still plans to build 10,000 EVs in 2023, has enough cash to last until Q2 2024

EV manufacturer Lucid (LCID) gave some optimistic news in its latest earnings report.

May 8, 2023 2:35 PM

Lucid

Earlier today, Lucid (LCID) shared its earnings report for Q1 2023. The report showed a miss on both revenue and EPS expectations, furthering concerns about the EV company’s future. However, Lucid remains adamant about the future of its business, stating its goal to build 10,000 electric vehicles this year.

In Lucid’s Q1 2023 earnings report, the electric vehicle manufacturer shared its 10,000 vehicle goal. The company also stated that it has enough cash to last at least until Q2 2024, a level of transparency intended to assure investors that Lucid isn’t going anywhere any time soon. As for where that cash will come from, Lucid also announced its plans to raise up to $7.4 billion by diluting shareholders.

"We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow," said Peter Rawlinson, Lucid's CEO and CTO. "We continue to grow our brand awareness and I'm proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades. We will unveil our Gravity SUV later this year ahead of its launch in 2024 and we cannot wait for everyone to experience it. The Lucid Air redefined the luxury sedan category and we believe the continuing advancements of our in-house technology position our Gravity SUV to do the same in the SUV category – game-changing range, driving experience, charging speed, voluminous interior space, and an unrivaled combination of luxury and performance."

The electric vehicle market continues to ramp up, with legacy manufacturers investing more into EVs as they look to compete with the likes of Tesla. Meanwhile, companies like Rivian and Lucid are fully dedicated to the production of EVs. For all of your EV news, Shacknews has everything you need to know.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_

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