Loading...
•
Sep 30, 2024
Lucid Q3 2024 Earnings Report
Lucid reported Q3 revenue of $200.0 million on deliveries of 2,781 vehicles and expects to manufacture approximately 9,000 vehicles in 2024. Lucid ended the third quarter with approximately $5.16 billion in total liquidity.
Key Takeaways
Lucid Group, Inc. announced its Q3 2024 financial results, reporting a revenue of $200.0 million. The company delivered 2,781 vehicles, a 90.9% increase compared to Q3 2023. Lucid is on track to produce approximately 9,000 vehicles in 2024 and ended the quarter with $5.16 billion in total liquidity.
Produced 1,805 vehicles in Q3, on track for approximately 9,000 vehicles in 2024.
Delivered 2,781 vehicles in Q3, up 90.9% compared to Q3 2023.
Q3 revenue was $200.0 million.
Ended the quarter with approximately $5.16 billion in total liquidity.
Lucid
Lucid
Forward Guidance
Lucid is on track for start of production this year and the recent capital raise of approximately $1.75 billion serves to further secure the future of the company by extending its financial runway well into 2026
Positive Outlook
- On track for annual production of approximately 9,000 vehicles.
- Order book open for the Lucid Gravity SUV, which remains on track for start of production this year.
- Capital raise of approximately $1.75 billion extends financial runway well into 2026.
- Improvements to gross margin performance as cost reduction efforts are gaining momentum.
- Continued support from the Public Investment Fund and other institutional investors.
Challenges Ahead
- Changes in domestic and foreign business, market, financial, political and legal conditions
- Risks related to changes in overall demand for Lucid’s products and services and cancellation of orders for Lucid’s vehicles
- Risks related to prices and availability of commodities, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles
- Risks related to the uncertainty of Lucid’s projected financial information
- Risks related to the timing of expected business milestones and commercial product launches