Automakers Bentley and Lucid have reported first-quarter sales. Faced with macroeconomic events and rising interest rates in the U.S., Lucid has its head under water, while Bentley, on its way to electrification, is increasing its sales.
Success for Bentley, but dark days for Lucid. Electric vehicle maker Lucid Group reported lower-than-expected first-quarter revenue Monday and lowered its 2023 production guidance.
The company reported quarterly revenue of $149.4 million, compared with an average analyst estimate of $209.9 million, according to Refinitiv. Last month, it reported lower production and delivery figures for the first quarter than the previous three months.
“Revenues were the lowest since the second quarter of last year, which means sales were very weak”, said Garrett Nelson, an analyst at CFRA Research.
The price war unleashed by Tesla, rising interest rates and recession fears have hurt sales. Lucid said in late March that it would lay off 18 percent of its workforce, or about 1,300 people companywide, as part of a restructuring plan to cut costs.
The first-quarter net loss widened to $779.5 million from $604.6 million a year earlier, while cash and cash equivalents fell to $900 million at the end of the first quarter from $1.74 billion in the fourth quarter.
Bentley on top
In contrast, British luxury carmaker Bentley unveiled record first-quarter sales thanks in part to an acceleration in the Americas and the Middle East, with the luxury brand largely unaffected by the cost-of-living crisis.
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