Lucid Group reported a wider loss in the first quarter, with revenue of $149.4 million, lower than the expected $209.9 million, causing shares to drop over 8 percent in after-hours trading. The luxury electric vehicle maker ended the first quarter with about $3.4 billion in cash, which should be enough to continue operations until the second quarter of 2024. Lucid expects to produce over 10,000 vehicles in 2023 and plans to pivot to higher volumes as market conditions allow. Despite concerns over demand, Lucid's next model, a large electric SUV called Gravity, will begin production in 2024.