Lucid Group, Inc. (NASDAQ:LCID) Q1 2024 Earnings Call Transcript May 6, 2024
Lucid Group, Inc. misses on earnings expectations. Reported EPS is $-0.29579 EPS, expectations were $-0.25. Lucid Group, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Ladies and gentlemen, thank you for standing by. And welcome to the Lucid Group First Quarter 2024 Earnings Conference Call. Please be advised that today’s conference is being recorded. Later we will conduct question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker for today, Maynard Um, Senior Director of Investor Relations. Please go ahead.
Maynard Um: Thank you, and welcome to Lucid Group’s first quarter 2024 earnings call. Joining me today are Peter Rawlinson, our CEO and CTO; and Gagan Dhingra, our Interim CFO and Principal Accounting Officer. Before handing the call over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events. These statements are based on predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties.
We refer you to the cautionary language and the risk factors in our most recent filings with the SEC and the forward-looking statements on page 2 of our investor deck available on the Investor Relations section of our website at ir.lucidmotors.com. In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in our investor deck. With that, I’d like to turn the call over to Lucid’s CEO and CTO, Peter Rawlinson. Peter, please go ahead.
Peter Rawlinson: Thank you, Maynard, and thank you, everyone, for joining us on our first quarter 2024 earnings call. In my prepared remarks today, I’ll discuss our partners at the PIF, our better-than-expected production and delivery figures, our cost advantage and our overall momentum. All of which makes me more optimistic than I’ve ever been about our future. Now I believe there are two key factors that really set Lucid apart. Our superior in-house technology and our partnership with the PIF, who have been steadfast investors and partners. In Q1, we raised $1 billion in capital through a private placement of convertible preferred stock to an affiliate of the PIF. We are a strategic partner in the country’s plan to achieve its Saudi Vision 2030 goals.
I’m very grateful for the PIF continued confidence and their steadfast support. Now turning to production and deliveries. In Q1, we produced 1,728 Lucid Airs, and we delivered 1,967 both slightly above our expectations. In fact, it was our best quarter-to-date for deliveries, up 39.9% year-over-year. Our lower production than deliveries is an active decision to be cost conscious and is not a reflection of production bottlenecks. For 2024, we expect to produce approximately 9,000 vehicles, which is consistent with our guidance last quarter. Let me now provide you with an update on where I believe Lucid stands today. We’ve made solid progress on both brand awareness and pricing. With our general brand awareness raising in the first quarter despite reducing media spend from the fourth quarter.
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