By Christopher Kuo

Lucid Group's losses widened in its first quarter amid an increases in costs.

The electric vehicle manufacturer on Tuesday posted a loss of $1.03 billion, or $3.46 a share, compared with a loss of $366.2 million, or $2.41 a share, a year earlier.

Adjusted earnings came in at a loss of $2.82 a share. Analysts polled by FactSet expected a loss of $2.53 a share.

Revenue rose to $282.5 million from $235 million a year earlier, missing Wall Street's forecast of $358.5 million.

Lucid produced 5,500 vehicles in the quarter, more than double the prior year. It delivered 3,093 vehicles in the quarter. A seat supplier issue significantly affected Lucid Gravity deliveries in February, the company said.

The company also reported workforce reduction charges of $37.9 million in the quarter. In February, Lucid said it was laying off around 12% of its U.S. workforce as it reconfigures plans to focus on new models, expands into robotaxis and invests in other technologies.

In April, Lucid said it secured $750 million in fresh funding commitments from Saudi Arabia's sovereign-wealth fund and Uber Technologies. The company also named Silvio Napoli as its chief executive officer.

Last week, Rivian, one of Lucid's key competitors, posted a first-quarter loss of $416 million, or 33 cents a share, compared with a loss of $541 million, or 48 cents a share, a year earlier. Its revenue rose 11% to $1.38 billion, and it delivered 10,365 vehicles during the quarter.

Write to Christopher Kuo at chris.kuo@wsj.com

(END) Dow Jones Newswires

May 05, 2026 16:59 ET (20:59 GMT)

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