Lucid Losses Mount

Luxury electric vehicle maker Lucid Group on Monday reported a wider first-quarter loss, but said that it still has enough cash to continue operations into next year. Shares were down over 8% in after-hours trading following the news.

“We are on track to produce over 10,000 vehicles in 2023, with companywide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow,” CEO Peter Rawlinson said on Monday. Lucid guided to 2023 production of between 10,000 and 14,000 vehicles in February.

Source: CNBC