EV Maker Lucid Slides on Worse-Than-Expected Quarterly Loss
- Company is grappling with production, demand challenges
- Electric Air sedan ‘keeps dragging profits,’ analysts say
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Lucid Group Inc. revealed a wider-than-expected loss to start the year as the company contends with production challenges and uneven demand for high-end electric vehicles.
The automaker lost an adjusted 30 cents a share in the first quarter, according to a statement Monday. That was worse than the 25-cent loss expected on average in analyst estimates compiled by Bloomberg. Revenue of $173 million was above expectations.