Lucid Group, Inc. (NASDAQ: LCID), the producer of advanced electric vehicles, announced robust financial results for the first quarter of 2024, showing significant growth in deliveries and revenue.
Lucid delivered 1,967 vehicles in Q1, marking a 39.9% increase compared to the same period last year, and generated $172.7 million in revenue.
The company produced 1,728 vehicles during the quarter and is on track to manufacture approximately 9,000 vehicles by the end of the year.
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A notable financial highlight was the successful raising of $1.0 billion through a private placement with an affiliate of the Public Investment Fund (PIF), underscoring the PIF’s ongoing support for Lucid. The company ended the quarter with total liquidity of approximately $5.03 billion.
Peter Rawlinson, CEO and CTO of Lucid, credited the company’s cutting-edge technology and its strategic partnership with the PIF for its strong performance. “Our sales momentum is building, our focus on cost remains relentless, and we believe Gravity is on track to become the best SUV in the world,” said Rawlinson.
Interim CFO Gagan Dhingra emphasized the company’s commitment to cost optimization and growth, stating, “We’re focused on significant growth as we enter the next transformational phase of Lucid’s end markets while simultaneously driving cost discipline.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on May 6, 2024. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com, where a replay will also be accessible post-call.
Lucid’s mission is to inspire the adoption of sustainable energy through its advanced electric vehicles. Its flagship model, the Lucid Air, a luxury sedan with a California-inspired design, is currently being delivered to customers in the U.S., Canada, Europe, and the Middle East.
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