Electric vehicle (EV) maker Lucid Group Inc reported first-quarter revenue well below Wall Street estimates on Monday and forecast 2023 production at the lower end of its previous guidance as a price war sparked by Tesla Inc hurt sales.
Lucid, faced with mounting losses, has largely shied away from lowering prices apart from a discount of $7,500 on certain variants of its Air luxury sedan bought before March 31.
"The revenue was actually the weakest that's been since the second quarter of last year, so there's a big miss on the top line," said Garrett Nelson, analyst at CFRA Research. "This could be an indication that this pricing war is having a direct impact on their results." Chief Financial Officer Sherry House said the company had $4.1 billion in liquidity, enough to fund the luxury EV maker at least into the second quarter of next year.
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