Lucid Group, Inc. (NASDAQ: LCID), renowned for its cutting-edge electric vehicles, has reported a robust financial performance for the second quarter of 2024, ending June 30. The company achieved Q2 revenue of $200.6 million, driven by the delivery of 2,394 vehicles, and projects the manufacture of approximately 9,000 vehicles for the entire year. Lucid concluded the quarter with substantial liquidity, amounting to $4.28 billion.
CEO and CTO Peter Rawlinson expressed optimism about Lucid’s market position and technological advancements. “I’m very encouraged by our sales and market share momentum, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch,” Rawlinson stated. He highlighted the company’s achievement of a landmark efficiency of 5.0 miles per kilowatt hour, underscoring Lucid’s technological leadership.
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The financial health of Lucid was further emphasized by Gagan Dhingra, Interim CFO and Principal Accounting Officer. “Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts,” Dhingra noted. He confirmed that the company maintains a strong balance sheet with $4.28 billion in liquidity. Additionally, a recent $1.5 billion commitment from an affiliate of the Public Investment Fund (PIF) is anticipated to sustain liquidity through at least the fourth quarter of 2025.
Lucid will discuss these results in greater detail during a conference call for analysts and investors on August 5, 2024, at 2:30 P.M. PT / 5:30 P.M. ET, accessible via a live webcast on the Investor Relations section of its website.
Lucid Group is headquartered in Silicon Valley and is dedicated to producing the world’s most advanced electric vehicles. Its flagship model, the Lucid Air, boasts superior performance and efficiency starting at $69,900. The company is also preparing for the production of the Lucid Gravity SUV at its advanced factory in Arizona, furthering its mission to accelerate the transition to sustainable transportation and energy.
Source: Lucid Announces Strong Q2 2024 Financial Results
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