NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID), known for its luxury electric vehicle the Lucid Air, reported its production and delivery numbers for the first quarter ended March 31, 2024. The company produced 1,728 vehicles and delivered 1,967 vehicles in this timeframe.
The electric vehicle maker has scheduled its first quarter 2024 financial results conference call for Monday, May 6, 2024. The discussion will be accessible via a live webcast on the company's investor relations website.
In an effort to engage more actively with its shareholders, Lucid has partnered with Say Technologies to provide a platform for both retail and institutional investors to submit questions leading up to the earnings call. Shareholders can participate starting April 22, 2024, and the platform will remain open until May 3, 2024. A selection of these questions will be addressed by Lucid management during the call.
Lucid's mission is to drive the adoption of sustainable energy by creating luxury electric vehicles and advanced technologies. The Lucid Air, assembled in the United States and Saudi Arabia, has commenced deliveries to customers across the U.S., Canada, Europe, and the Middle East.
The company's first-quarter production and delivery figures are part of its operational performance metrics and should not be seen as the sole indicator of its financial results for the quarter, which will include net income and cash flow details to be announced later.
The information presented in this article is based on a press release statement from Lucid Group.
InvestingPro Insights
As Lucid Group (NASDAQ: LCID) gears up for its first-quarter financial results, investors are closely monitoring the company's performance metrics. With a market capitalization of $6.09 billion, Lucid's position in the electric vehicle industry is noteworthy. The company's strategic focus on luxury electric vehicles, such as the Lucid Air, has been a key factor in its operational decisions.
InvestingPro data highlights several financial metrics that could be of interest to investors following Lucid's journey. The company's price to book ratio as of the last twelve months ending Q4 2023 stands at 1.26, indicating the market's valuation of the company relative to its book value. Despite a challenging revenue growth rate during the same period, with a -2.12% change, Lucid continues to push forward in a highly competitive sector.
Two InvestingPro Tips that stand out for Lucid include the company's ability to hold more cash than debt on its balance sheet, which can provide some financial flexibility in the short term. Additionally, analysts have revised their earnings expectations upwards for the upcoming period, signaling potential optimism about the company's future performance. However, it's important to note that Lucid is quickly burning through cash, which could be a concern for long-term sustainability.
For investors seeking more comprehensive analysis, there are over 16 additional InvestingPro Tips available for Lucid, including insights on sales growth, stock volatility, and profitability expectations. These tips can provide a deeper understanding of the company's financial health and market position. To access these insights and optimize investment strategies, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
As Lucid continues to navigate the electric vehicle market, keeping an eye on these financial metrics and expert insights can help investors make more informed decisions.
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