Lucid Group reports Q1 EPS (30c), consensus (25c)

Reports Q1 revenue $172.7M, consensus $156.99M. Produced 1,728 vehicles in Q1; on track for annual production of approximately 9,000 vehicles. Delivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023. “I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” said Peter Rawlinson, CEO and CTO at Lucid. “Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.” “We continue to make significant progress on our cost optimization programs,” said Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid. “We’re focused on significant growth as we enter the next transformational phase of Lucid’s end markets while simultaneously driving cost discipline.”