As startups looking to make a name in the EV space continue to burn cash and face greater competition from established automakers, investors are getting less optimistic car auto cars ⬇️
However, despite the underwhelming Q1 results, Lucid still plans to produce 10,000 vehicles this year and ended the quarter with $4.1 billion in total liquidity, enough to carry it through to Q2 2024. Lucid’s executives are optimistic about the approach of the company’s second model, the Gravity SUV.and I’m proud to say that the Lucid Air was recently awarded a number of prestigious industry accolades,” said CEO Peter Rawlinson.
The company’s stock prices fell by about 38 cents per share following its Q1 financial results, as Fisker continues to dip into its cash reserves. However, with U.S. deliveries starting this month, and 65,000 reservations, there may still be cause for optimism at the young automaker.. In the first quarter of 2023, the company reported net losses of $169 million, up from $152.9 million in the same period last year.
In addition, the automaker announced today that it is on track to reach its production target of 50,000 vehicles this year. All of which was encouraging to investors, and the company’s shares were actually trading four percent higher on Tuesday, reportsAll four automakers were highly regarded when they launched, but they are now experiencing the harsh reality of competing in a market where established automakers are investing heavily in their electric vehicles.
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