Lucid misses quarterly revenue estimates as supplier issue hits Gravity SUV deliveries

May 5 (Reuters) – Lucid Group reported its biggest revenue miss in more than four years on Tuesday, with first-quarter sales coming in 36% below analysts’ estimates as a supplier-related issue disrupted Gravity SUV deliveries in February.

The automaker’s shares fell about 3% in extended trading.

Revenue for the quarter was $282.5 million, compared with analysts’ estimate of $440.4 million, according to data compiled by LSEG.

The electric-vehicle maker produced 5,500 vehicles in the quarter, up about 149% from a year earlier, but delivered only 3,093 units as a seat supplier issue curtailed shipments in February.

Lucid said the problem, which affected second-row seats in its Gravity SUVs, has been resolved, with sales in March increasing by 14% from a year earlier.

The company said it is aligning production with demand as it works through elevated inventory levels.

Lucid has been banking on its Gravity SUV and upcoming mid-size platform to drive growth, alongside partnerships with Uber and self-driving startup Nuro to roll out a robotaxi fleet later this year.

The Newark, California-based company is gearing up to expand its product lineup with the more affordable mid-size platform later this year to broaden its customer base.

Lucid launched its Gravity SUV in late 2024, marking its expansion beyond its flagship Air luxury sedans, which had been its primary product since launch.

The luxury EV maker has also faced broader supply chain disruptions, including constraints on raw materials such as aluminum and semiconductors that have hampered production ramp-ups.

Last month, the company named former Schindler top boss Silvio Napoli as its next CEO, more than a year after Peter Rawlinson stepped down from the top job.

Backed by Saudi Arabia’s Public Investment Fund, the company is also seeking to strengthen its balance sheet and fund expansion. It raised about $1.05 billion in April through a mix of equity and convertible preferred stock, and expanded a credit facility with the fund.

Lucid reported a net loss of about $1.13 billion in the quarter, wider than a loss of $731 million a year earlier.

It ended March with roughly $3.2 billion in liquidity, which would rise to about $4.7 billion on a pro forma basis after the capital raise.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)