Lucid Motors reports $200M in Q3 revenue and a 91% increase in vehicle deliveries year-over-year, backed by $5.16B in liquidity and a $1.75B capital raise for future growth.

Lucid Motors Reports Strong Q3 2024 Financial Performance, Driven by Record Deliveries

Lucid Motors reports $200M in Q3 revenue and a 91% increase in vehicle deliveries year-over-year, backed by $5.16B in liquidity and a $1.75B capital raise for future growth.

Lucid Group, Inc. (NASDAQ: LCID) announced its Q3 2024 financial results, reporting $200 million in revenue based on deliveries of 2,781 vehicles, marking a 91% increase in deliveries year-over-year.

The electric vehicle manufacturer maintains a robust financial position with approximately $5.16 billion in total liquidity, bolstered by a recent $1.75 billion capital raise.

“Our momentum continues with a record third consecutive quarter of deliveries,” said CEO and CTO Peter Rawlinson. He also noted the opening of pre-orders for the upcoming Lucid Gravity SUV, which is scheduled to begin production later this year.

Rawlinson emphasized that the capital infusion extends Lucid’s financial runway into 2026, supporting the company’s growth trajectory.

Interim CFO Gagan Dhingra highlighted ongoing efforts to improve gross margins through cost reductions, as well as the critical support from both the Public Investment Fund and other institutional investors in the recent financing round.

Lucid expects to manufacture around 9,000 vehicles in 2024, aligning with its expansion strategy. To provide further insights, the company will host a conference call on November 7, 2024, at 2:30 P.M. PT / 5:30 P.M. ET, available via live webcast on the Investor Relations website, where a replay will also be accessible post-event.

Source: Lucid Releases Q3 2024 Financial Results: Key Highlights and Performance Insights

Subscribe today for the freshest car news delivered to your inbox