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Success for Bentley, but dark days for Lucid. Electric vehicle maker Lucid Group<\/strong><\/a> reported lower-than-expected first-quarter revenue<\/strong> Monday and lowered its 2023 production guidance.<\/p>\n <\/p>\n The company reported quarterly revenue of $149.4 million<\/strong>, compared with an average analyst estimate of $209.9 million<\/strong>, according to Refinitiv. Last month, it reported lower production and delivery figures for the first quarter than the previous three months.<\/p>\n <\/p>\n “Revenues were the lowest since the second quarter of last year, which means sales were very weak”<\/em>, said Garrett Nelson<\/strong>, an analyst at CFRA Research.<\/strong><\/p>\n <\/p>\n The price war unleashed by Tesla<\/strong><\/a>, rising interest rates and recession fears have hurt sales. Lucid said in late March that it would lay off 18 percent<\/strong> of its workforce, or about 1,300 people<\/strong> companywide, as part of a restructuring plan to cut costs.<\/p>\n <\/p>\n The first-quarter net loss widened to $779.5 million from $604.6 million a year earlier<\/strong>, while cash and cash equivalents fell to $900 million<\/strong> at the end of the first quarter from $1.74 billion<\/strong> in the fourth quarter.<\/p>\n <\/p>\n <\/p>\n In contrast, British luxury carmaker Bentley<\/strong> unveiled record first-quarter sales<\/strong> 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.<\/p>\n <\/p>\n After a strong year in 2022<\/a>, the company recorded global sales of 882 million euros<\/strong> in the first quarter, up 9%<\/strong> year-on-year. Sales grew particularly fast in the Middle East (+66%<\/strong>) as well as in America (+39%<\/strong>), the company said. The brand of the Volkswagen group has sold 3517 vehicles over the period, an increase of 10%<\/strong> over a year, according to a statement.<\/p>\n <\/p>\n Bentley had announced in February that it would cease production of its iconic 12-cylinder gasoline engine in April 2024, as part of the electrification of its range.<\/strong><\/a><\/p>\n <\/p>\n The automaker has pledged to expunge its catalog of combustion models by 2030<\/strong>. A first fully electric car is due to leave its British factory in 2026<\/strong>.<\/p>\n <\/p>\n <\/p>\n Read also >Lucid Air Wins 2023 Global Luxury Car of the Year Award<\/a><\/p>\n <\/p>\n Featured photo : \u00a9Press[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n Success for Bentley, but dark days for Lucid. Electric vehicle maker Lucid Group<\/strong><\/a> reported lower-than-expected first-quarter revenue<\/strong> Monday and lowered its 2023 production guidance.<\/p>\n <\/p>\n The company reported quarterly revenue of $149.4 million<\/strong>, compared with an average analyst estimate of $209.9 million<\/strong>, according to Refinitiv. Last month, it reported lower production and delivery figures for the first quarter than the previous three months.<\/p>\n <\/p>\n “Revenues were the lowest since the second quarter of last year, which means sales were very weak”<\/em>, said Garrett Nelson<\/strong>, an analyst at CFRA Research.<\/strong><\/p>\n <\/p>\n The price war unleashed by Tesla<\/strong><\/a>, rising interest rates and recession fears have hurt sales. Lucid said in late March that it would lay off 18 percent<\/strong> of its workforce, or about 1,300 people<\/strong> companywide, as part of a restructuring plan to cut costs.<\/p>\n <\/p>\n The first-quarter net loss widened to $779.5 million from $604.6 million a year earlier<\/strong>, while cash and cash equivalents fell to $900 million<\/strong> at the end of the first quarter from $1.74 billion<\/strong> in the fourth quarter.<\/p>\n <\/p>\n <\/p>\n In contrast, British luxury carmaker Bentley<\/strong> unveiled record first-quarter sales<\/strong> 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.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n Already have an account ? Please log in<\/b><\/a>.<\/strong><\/p>\n [\/vc_cta][vc_column_text]Featured photo : \u00a9 Press[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]<\/p>\n <\/p>\n Success for Bentley, but dark days for Lucid. Electric vehicle maker Lucid Group<\/strong><\/a> reported lower-than-expected first-quarter revenue<\/strong> Monday and lowered its 2023 production guidance.<\/p>\n <\/p>\n The company reported quarterly revenue of $149.4 million<\/strong>, compared with an average analyst estimate of $209.9 million<\/strong>, according to Refinitiv. Last month, it reported lower production and delivery figures for the first quarter than the previous three months.<\/p>\n <\/p>\n “Revenues were the lowest since the second quarter of last year, which means sales were very weak”<\/em>, said Garrett Nelson<\/strong>, an analyst at CFRA Research.<\/strong><\/p>\n <\/p>\nBentley on top<\/h2>\n
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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.<\/h4>\n
Bentley on top<\/h2>\n
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.<\/h4>\n