In its first quarter 2024 earnings call, Lucid Group, Inc. (NASDAQ: LCID) announced that it failed to meet earnings expectations. The reported earnings per share (EPS) stood at $-0.29579, while expectations were set at $-0.25.

The news comes as Lucid Group, Inc. finds itself outside the list of the 30 most popular stocks among hedge funds during the third quarter.

The Lucid Group Q1 2024 Earnings Conference Call, conducted by Maynard Um, Senior Director of Investor Relations, commenced with a reminder that the statements made during the call may involve forward-looking statements under federal securities laws, highlighting potential risks and uncertainties.

Um went on to introduce Peter Rawlinson, the CEO and CTO of Lucid Group, and Gagan Dhingra, the Interim CFO and Principal Accounting Officer.

In his address, Rawlinson discussed the significance of Lucid's partnership with the Public Investment Fund (PIF) and the company's better-than-expected production and delivery figures. He emphasized the importance of Lucid's superior in-house technology and the continued support from the PIF, which invested $1 billion through a private placement of convertible preferred stock in Q1.

Lucid Group produced 1,728 Lucid Airs and delivered 1,967 in the first quarter, surpassing expectations. This marked a 39.9% YoY increase in deliveries, making it Lucid's most successful quarter to date. Rawlinson clarified that the lower production numbers were a deliberate cost-saving measure, rather than an indication of production bottlenecks.

Looking ahead, Lucid Group aims to produce around 9,000 vehicles in 2024, aligning with the previous guidance provided in the previous quarter.

Rawlinson expressed his optimism for Lucid Group's future, emphasizing the progress made in brand awareness and pricing strategies. Despite reducing media spend from the previous quarter, Lucid Group observed an increase in brand awareness during Q1.

While Lucid Group fell short of earnings expectations for Q1 2024, the company remains committed to its vision and goals. Lucid's partnership with the PIF and its ongoing efforts to enhance its technology and production capabilities are key drivers of its optimism for the future.

Investors and stakeholders are encouraged to review Lucid Group's filings with the Securities and Exchange Commission (SEC) for a comprehensive understanding of the risks and uncertainties associated with the company.

Disclaimer: The above article is based on information disclosed during Lucid Group's first quarter 2024 earnings call. Any forward-looking statements or predictions should be considered in light of the risks and uncertainties mentioned by the company.