Lucid Motors, the electric vehicle company that recently went public via a SPAC merger with Churchill Capital Corp IV, announced on May 9, 2023, that it has enough liquidity to last for a year, despite missing revenue estimates in its first quarter as a public company.

According to a statement released by Lucid Motors, the company’s cash and cash equivalents as of March 31, 2023, were $4.2 billion. This amount, along with the cash proceeds from its recent SPAC merger, gives Lucid Motors enough liquidity to continue operations for the next 12 months, even if it falls short of its revenue targets.

Lucid Motors’ first-quarter revenue came in at $79.3 million, falling short of Wall Street’s estimates of $87.9 million. The company attributed the miss to supply chain disruptions and delays in the rollout of its flagship electric sedan, the Lucid Air.

Despite the revenue miss, Lucid Motors CEO Peter Rawlinson expressed optimism about the company’s future prospects. “We remain committed to delivering on our vision of sustainable, high-performance electric vehicles that redefine the industry,” he said in the statement.

This news comes amid a tumultuous time for the electric vehicle industry, with increased competition and supply chain challenges leading to production delays and inventory shortages. Lucid Motors’ ability to maintain sufficient liquidity for the next year will likely be seen as a positive sign by investors and industry analysts.

As a journalist, it’s important to note that while Lucid Motors says it has enough liquidity to last for a year, the company still faces significant challenges in achieving its growth targets and bringing its electric vehicles to market. It will be important to continue monitoring the company’s financials and performance in the coming months to see if it is able to meet its goals and maintain its liquidity.