Lucid's first-quarter financial results disappointed investors, as the EV startup missed all targets. Lucid burned through over one billion dollars in cash and delivered only 1,406 vehicles during the quarter. The company's cash reserves are also dwindling, prompting people to question its future.
It's a tough week for EV startups as they report their first-quarter financial results. Once a promising company, Lucid Motors seems to be struggling for its life, with all the financials missing expectations. Last year, Elon Musk predicted that Lucid might be heading toward bankruptcy, and the numbers presented by Lucid on Tuesday sure look like its days are numbered. Despite the upbeat tone of the presentation, even Lucid executives had to admit that the company would only survive the following year.
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