Lucid Motors reports lower-than-expected revenues in Q1
- Date: 12-May-2023
- Source: Al Bawaba
- Sector:Industrial
- Country:Saudi Arabia
Lucid Motors reports lower-than-expected revenues in Q1
ALBAWBA - Lucid Motors, an electric car manufacturing company, announced lower-than-expected revenues in the first quarter of the current year, following a decline in sales due to the discounts offered by its competitor, Tesla.
The company's disclosed results revealed quarterly revenues of $149.4 million, compared to $56.7 million in the same period last year, falling short of analysts' expectations at $209.9 million.
Lucid Motors also reported a net loss of $779.5 million for the first three months of the current year, compared to $604.6 million in the same period of 2022.