LUCID

PIF-backed EV maker Lucid reported a net loss of nearly USD 685 mn on revenues of USD almost USD 173 mn for 1Q 2024, according to its earnings release (pdf). While the net loss is better than the USD 779.5 mn loss it reported in the same quarter last year, it fell short of analyst expectations, Bloomberg writes. The company’s shares dipped nearly 5% after the announcement.

By the numbers: Lucid produced more than 1.7k vehicles in the quarter and delivered nearly 2k. It says it’s on track to produce some 9k cars this year. Those figures agree with the production update it released last month. The company should start production this year on its Gravity SUV and a more affordable midsize sedan.

The catch: 9k vehicles falls short of Wall Street expectations set before analysts started to sour on the near-term growth prospects of the EV market, Reuters writes.

Lucid plans to ramp up its capex spending to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi, Lucid CFO Gagan Dhingra told Reuters.

BACKGROUND- The Public Investment Fund committed another USD 1 bn to Lucid in a follow-on investment back in March.

Bupa Arabia-

Bupa Arabia for Cooperative Ins. saw its net income rise 90.6% y-o-yto SAR 359.4 mn in 1Q 2024, it said in a disclosure to Tadawul yesterday. Revenues grew 16.6% y-o-y to SAR 4.4 bn during the quarter. Bupa Arabia attributed the rise in net income to higher net ins. services thanks to growth in its life ins. segment. Gross written premiums increased 34% y-o-y to SAR 5.4 mn in the last quarter.

AL RAJHI TAKAFUL-

Al Rajhi for Cooperation Ins. saw its net income rise 81.7% y-o-y to SAR 111.4 mn in 1Q 2024 on the back of a growth in net ins. services and total investment income, it said in a disclosure to Tadawul yesterday. Ins. revenues were up 50.6% y-o-y to SAR 1.3 bn.

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