Summary by Moomoo AI
Lucid Group, a technology company focused on sustainable energy and electric vehicles, reported a 16% increase in revenue to $172.74 million for the three months ended March 31, 2024, compared to $149.43 million in the same period the previous year. The growth was primarily driven by higher deliveries of the Lucid Air vehicles and an increase in regulatory credit sales. Despite the revenue growth, the cost of revenue saw a significant decrease of 19% to $404.79 million, down from $500.52 million, due to lower inventory write-downs and losses from firm purchase commitments. Lucid Group's operating expenses also rose by 18% to $497.86 million, with research and development costs up 24% to $284.63 million, and selling, general, and administrative expenses increasing by 26% to $213.23 million. The company's financial performance reflects its...Show More
