Lucid Motors reports lower-than-expected revenues in Q1

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.