Lucid's Q1 2024 revenues rise on higher deliveries

Logo of Lucid

Lucid Group, the US-based EV manufacturer, reported a 40% rise in deliveries during the first quarter of 2024, pushing its revenues higher.

The company reported Q1 revenue of $172.7 million, up from $149.4 million a year ago, on deliveries of 1,967 vehicles, up 39.9% year-on-year (YoY).

Meanwhile, Lucid’s operating loss narrowed to $729.9 million during the quarter, from $772.2 million in Q1 2023. Net loss also shrank to $680.9 million.

The company produced 1,728 vehicles in Q1 2024, and is on track to record an annual production level of nearly 9,000 EVs in 2024.

“I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the Public Investment Fund (PIF),” said Peter Rawlinson, CEO and CTO at Lucid.

“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,” he added.

“We continue to make significant progress on our cost optimization programs,” said Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid.