Overview
- Lucid, which reported results Tuesday, posted $282.5 million in first‑quarter revenue versus about $440 million expected and a net loss of roughly $1.13 billion.
- The company built 5,500 vehicles but delivered 3,093 after a defect in second‑row seats from a supplier paused Gravity SUV shipments for 29 days; Lucid says the issue is fixed.
- Management will align factory output to demand to work down elevated inventory, with no current plan to idle the Arizona plant and no reconfirmation of the 25,000–27,000 full‑year production target.
- Liquidity stands near $4.7 billion on a pro forma basis after April’s $1.05 billion raise and an expanded Saudi PIF credit line, with Uber lifting its stake to about 11.5% and pledging to buy at least 35,000 vehicles.
- Lucid named Silvio Napoli as its next CEO and is preparing a lower‑cost midsize EV platform targeted to launch later this year to reach buyers below the $50,000 price point.