) will report first quarter financial results after the bell, looking to address investor concerns over EV demand and its cash position.
Last month, Lucid announced that it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter, compared to 2,391 vehicles produced and 1,734 vehicles delivered in Q4. The sequentially higher delivery numbers were positive news for investors, and the company said that it is targeting 9,000 vehicles produced in 2024. Last year Lucid produced 8,428 vehicles and delivered 6,001 to clients.
In terms of its cash position, Lucid announced in late March that it struck a funding agreement with its majority shareholder Ayar Third Investment Company for a $1 billion investment. Ayar is an affiliate of Saudi Arabia’s Public Investment Fund. Prior to this investment, Lucid reported $4.32 billion in cash and cash equivalents at the end of the fourth quarter.
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