Lucid’s Q1 results invoked quite a reaction from Elon Musk

2024.05.09 3 min read

Lucid Group reported their results for the first quarter of the year this week, and they had Tesla CEO Elon Musk laughing his head off.

Lucid is one of only a few pure EV companies in the United States that does not stem from another car company. Tesla, Rivian, and Fisker are the others (Polestar stems from Volvo and Geely Motors).

However, Lucid, like Rivian, has had a tough time turning a profit and is in the strange part of the business where they will lose money on every vehicle they build and sell as their volume has not quite leveled out to a point where they have become profitable.

While Rivian does not get the stones cast in their direction by Tesla frontman Elon Musk, the animosity that remains between him and Lucid CEO/CTO Peter Rawlinson makes the company a subject of criticism.

Lucid reports $173 million in revenue and $684.7 million net loss in Q1

Musk did not shy away from letting that criticism be known with two responses on X last night:

— Elon Musk (@elonmusk) May 6, 2024

Lucid lost roughly $350,000 on every car they delivered this past quarter, down from the $377,000 loss they took in Q4.

Musk did not only find humor in that portion of the Lucid Earnings Report.

Rawlinson, who has had differences with Musk over his capacity during the Model S campaign and his decision to leave when Tesla started to feel the heat over the vehicle, said during the Earnings Call earlier this week:

“I believe there are two factors that set Lucid apart: our superior, in-house technology and the partnership with the PIF.”

Musk replied once again:

— Elon Musk (@elonmusk) May 6, 2024

The PIF is the Saudi Arabian Public Investment Fund and is one of the main investors in Lucid Group. Musk said earlier this year that the only reason Lucid is still around is because “Their Saudi sugar daddy is the only thing keeping them alive.”

The PIF has invested $6.4 billion into Lucid.

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