Shares of Lucid Group Inc. fell more than 8% in the aftermarket Monday after the electric-vehicle startup reported steeper quarterly losses and tweaked its guidance for the year.
Lucid (LCID) lost $780 million, or 43 cents a share, in the first quarter, compared with a loss of $81.2 million, or 5 cents a share, in the year-ago quarter. Revenue rose to $149.4 million, from $58 million a year ago.
Analysts polled by FactSet expected a loss of 39 cents a share on sales of $204 million.
Lucid said it plans to make "more than 10,000 vehicles" in 2023. Earlier this year, Lucid had guided for the production of 10,000 to 14,000 vehicles.
The company said it ended the quarter with about $4.1 billion in total liquidity, which it expects to provide funding "at least into the second quarter of 2024."
"Our mission and optimism are unchanged," Chief Financial Officer Sherry House said in a statement. "We are committed to an environmentally sustainable future -- designing, building and delivering the best EVs on the market."
Chief Executive Peter Rawlinson said the company expects to unveil its Gravity SUV later this year and launch the vehicle in 2024.
"The Lucid Air redefined the luxury sedan category, and we believe the continuing advancements of our in-house technology position -- our Gravity SUV -- to do the same in the SUV category," he said.
Lucid in April said it delivered 1,406 Lucid Air luxury sedans in the first quarter, and produced 2,314 at its factory in Arizona Analysts polled by FactSet expected the company to deliver about 2,000 vehicles.
Lucid shares have dropped about 60% in the past 12 months, contrasting with gains of around 0.3% for the S&P 500 index over that time. So far this year, Lucid is up 7.3% versus the S&P 500's 7.8% gain.
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