Lucid posted the first-quarter earnings, which were as bad as analysts expected. However, the EV startup thinks it will be around long enough to launch a more affordable model. The Tesla Model Y competitor is expected to start production in late 2026 unless Lucid kicks the bucket by then.
These are rough times for EV startups, and the harsh economic conditions have spared none in the past 12 months. Rivian is arguably the best positioned to emerge victorious if victory means cutting losses and avoiding bankruptcy. Fisker has passed that stage and will likely disappear into oblivion by the year's end. Lucid sits right in the middle, and it is still unclear which way it will go.
The company shared the first-quarter financial data, and it doesn't look good. Lucid is losing a significant amount of money trying to start production of the Gravity SUV while at the same time struggling to find buyers for its Air sedans. The company reported revenues of $173 million, slightly better than analyst consensus. However, the losses exceeded expectations, with a net loss of $685 million for the quarter. It's better than the $780 million from Q1 2023, but not enough to matter.
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