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Jun 30, 2024
Lucid Q2 2024 Earnings Report
Lucid reported increased deliveries and revenue driven by Lucid Air sales and cost reduction efforts, while also securing a significant liquidity boost.
Key Takeaways
Lucid Group, Inc. announced its Q2 2024 financial results, featuring a 70.5% increase in vehicle deliveries compared to Q2 2023, resulting in revenue of $200.6 million. The company produced 2,110 vehicles and is on track to meet its annual production target of approximately 9,000 vehicles. Lucid ended the quarter with $4.28 billion in total liquidity and secured an additional $1.5 billion commitment from an affiliate of the Public Investment Fund (PIF).
Produced 2,110 vehicles in Q2, staying on track for approximately 9,000 vehicles annually.
Delivered 2,394 vehicles in Q2, a 70.5% increase compared to Q2 2023.
Achieved Q2 revenue of $200.6 million.
Ended the quarter with approximately $4.28 billion in total liquidity.
Lucid
Lucid
Forward Guidance
Lucid expects the additional $1.5 billion commitment by an affiliate of the PIF will provide sufficient liquidity into at least the fourth quarter of 2025 and is on track for annual production of approximately 9,000 vehicles.
Positive Outlook
- Lucid is experiencing sales and market share momentum.
- The company is benefiting from cost optimization programs.
- There is growing excitement for the Lucid Gravity launch.
- The company is setting a strong foundation for the rest of the year.
- Lucid achieved a landmark efficiency of 5.0 miles per kilowatt hour.