Lucid Group Inc ( LCID ) shares are trading lower Tuesday on the heels of the company’s mixed first-quarter results.

What Happened: Lucid reported first-quarter revenue of $172.8 million, which beat the consensus estimate of $156.99 million, according to Benzinga Pro. The EV maker reported an adjusted loss of 30 cents per share, which missed estimates for a loss of 25 cents per share.

Lucid said it delivered 1,967 vehicles in the first quarter, up 39.9% on a year-over-year basis. The company previously reported first-quarter production of 1,728, down from 2,314 vehicles produced in the prior year’s quarter.

After raising $1 billion via private placement to an affiliate of the Public Investment Fund (PIF), Lucid said it ended the quarter with $5.03 billion in total liquidity.

“I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” said Peter Rawlinson, CEO of Lucid. 

“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.”

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Outlook: Lucid said it remains on track to produce 9,000 vehicles in 2024 and continues to make “significant progress” on its cost optimization efforts. The company said it plans to focus on significant growth while simultaneously driving cost discipline.

Following the company’s quarterly results, Needham analyst Chris Pierce reiterated Lucid with a Hold rating.

LCID Price Action: Lucid shares were down 8.85% at $2.78 at the time of publication, according to Benzinga Pro.