Lucid Motors released its Q1 financial results this week, showing some progress compared to last year despite still experiencing significant losses.
Download Lucid Q1 2024 Results Report
In the latest report, Lucid revealed a net loss of $684.7 million, a decrease from $779.5 million in the same period last year. The company, known for luxury electric vehicles (EVs), reported revenue of $173 million, up from $149 million in Q1 2023. Additionally, they ended the quarter with cash reserves of $2.2 billion, compared to $1.4 billion in Q4.
Last month, Lucid shared their Q1 delivery and production figures, delivering 1,967 Air sedans, marking a 39.9% increase from last year, while producing 1,728 vehicles in the quarter. They also reiterated their forecast of producing around 9,000 vehicles in 2024, highlighting investments from the Saudi Arabia Public Investment Fund (PIF).
CEO and CTO Peter Rawlinson emphasized Lucid’s strengths in technology and their partnership with PIF, expressing optimism about sales and their upcoming SUV, Gravity.
Despite continued losses, Lucid’s production has contributed to an improvement compared to Q1 2023. They ended Q1 with approximately $5.03 billion in liquidity, partly due to a $1 billion private placement from Saudi Arabia’s PIF.
Gagan Dhingra, Lucid’s Interim Chief Financial Officer, highlighted progress in cost optimization programs, aiming for significant growth in Lucid’s markets while maintaining cost discipline.
The company also mentioned that future EVs, including the Lucid Gravity SUV and a more affordable Tesla Model Y competitor, are scheduled for production in late 2026. Lucid is preparing to begin production of the Gravity SUV this year, and expanding its factory in Arizona.
