Lucid Releases Q3 2024 Financial Results: Key Highlights and Performance Insights
- Produced 1,805 vehicles in Q3; on track for annual production of approximately 9,000 vehicles
- Delivered 2,781 vehicles in Q3; up 90.9% compared to Q3 2023
- Q3 revenue of $200.0 million
- GAAP net loss per share of $(0.41); non-GAAP net loss per share of $(0.28)
- Ended the quarter with approximately $5.16 billion in total liquidity
- Subsequent to the third quarter, completed a capital raise of approximately $1.75 billion in October 2024
NEWARK, CA — November 07, 2024 — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced electric vehicles, today announced financial results for its third quarter ended September 30, 2024. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
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.
“Our momentum continues with our third consecutive quarter of record deliveries,” said Peter Rawlinson, CEO and CTO at Lucid. “Additionally, today we are delighted to open the order book for the much-anticipated Lucid Gravity SUV, a landmark product, which remains on track for start of production this year. Furthermore, our 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.”
“We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum,” said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid. “With our recent capital raise, we are pleased to have the continued support once again from both the Public Investment Fund and other institutional investors.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on November 7, 2024. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $69,900*. Lucid is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company’s goal is to accelerate humanity’s transition to sustainable transportation and energy.
*Excludes tax, title, license, options, destination, and documentation fees. For U.S. market only.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com