The American electric car manufacturer Lucid has presented the financial results for the first quarter of the fiscal year 2024 after the stock market close and was unable to meet expectations. Despite an increase in revenue to $172.7 million from $149.4 million in the same period of the previous year, the results fell just short of analysts' forecasts of $173.5 million.

The company from Newark, California, which is considered a direct competitor to Tesla, recorded a loss of $0.30 per share, which is an improvement over the previous year's loss of $0.430 per share, but fell short of market forecasts. Analysts had expected a loss of $0.248 per share.

The Market's Response Did Not Take Long: In After-Hours Trading on the NASDAQ, Lucid's Share Price Dropped by 6.56 Percent to 2.85 US Dollars. This Decline Reflects the Disappointed Expectations of Investors Who Had Hoped for Stronger Signs of Financial Stabilization and Growth Potential.