Lucid Motors has achieved a new milestone in its operational history, setting a record for quarterly deliveries in the second quarter of 2024. The significant surge in deliveries has been driven by the company’s recent strategic decisions involving price cuts and various incentives for its flagship Air sedan.
In a press release on Monday, Lucid revealed that it successfully delivered 2,394 vehicles in Q2, reflecting a substantial year-over-year increase of about 70 percent. The electric vehicle (EV) manufacturer also produced 2,110 vehicles at its AMP-1 factory in Casa Grande, Arizona, which is a minor decline of approximately 3 percent compared to the same quarter last year.
The positive delivery figures come on the heels of Lucid’s aggressive market strategies, which included sweeping price reductions, financing offers, and other purchasing incentives initiated in the early part of the year. The company aims to ramp up both production and deliveries in the latter half of 2024, as it prepares for the launch of its forthcoming Gravity SUV.
Lucid is scheduled to discuss its financial outcomes during the Q2 earnings call on August 5, 2024, at 2:30 p.m. Pacific Time. During the previous quarter, Lucid delivered 1,967 vehicles and produced 1,728. However, the company reported a $684.7 million net loss while reiterating a production guidance of 9,000 vehicles for the entire year.
The upcoming Gravity SUV, highly anticipated in the EV market, is projected to be priced around $80,000. However, Lucid has not yet disclosed the exact debut price or additional launch details for the vehicle. CEO Peter Rawlinson has teased that more information will be unveiled in the upcoming months, with the company building anticipation through a “Road to Gravity” video series. Lucid is also planning a mid-size SUV set to commence production in late 2026, following the launch of the Gravity.
Lucid’s largest stakeholder, the Saudi Arabia Public Investment Fund, holds a substantial 60-percent stake in the company. Lucid expanded its global footprint last year by opening a plant in Saudi Arabia to assist with the assembly of the Lucid Air electric sedan.
The latest developments showcase Lucid’s aggressive growth strategy and its ambitions to capture a larger share of the burgeoning EV market. These moves, coupled with substantial backing from significant investors, position Lucid Motors as a formidable player in the future of electric vehicles.
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