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Can Lucid Motors Reverse This Trend?

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Is Lucid running out of steam in 2023? The latest financial results paint a slightly worrying picture for the luxury EV market. Here’s what’s happening.

. But yet another cut could materialize, with Lucid gently tempering expectations of its 2023 output totals.

Lucid's financial results, revealed this week, certainly point to a gradual decline in fortunes: The company reported revenues of $149.4 million in the first quarter of 2023, in contrast to the $257.7 million in the fourth quarter of 2022, and $195.5 million in the third quarter. The EV maker's net loss widened to $779.5 million in the first three months of the year, compared to $472.6 million in the previous quarter.

 

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