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Lucid Motors achieved a record quarterly delivery of 2,394 vehicles in Q2, marking a 70% year-over-year growth, driven by strategic price reductions and incentives for the Air sedan. The company also produced 2,110 cars at its Arizona factory, preparing for future expansion.
Lucid Motors Reports 70% Year-Over-Year Growth in Q2 Deliveries, Driven by Air Sedan Price Cuts and Incentives
Lucid Motors has reported a substantial increase in vehicle deliveries (via Teslarati), with 2,394 vehicles delivered in Q2, marking a remarkable 70% growth from the previous year. This information was shared in a press release distributed on July 8. The company also manufactured 2,110 vehicles at its AMP-1 factory in Casa Grande, Arizona, a slight decrease of approximately 3% from the same period in the previous year.
The report is a testament to Lucid's commitment to growth and innovation. The company's extensive price reductions, financing incentives, and promotions for its Air Sedan in the first half of the year have set the stage for further expansion. Lucid is poised to ramp up its production and deliveries in the latter half of the year, leading up to the launch of its highly anticipated Gravity SUV.
Lucid will conduct its second-quarter earnings call on August 5, 2024, at 2:30 p.m. Pacific Time.
Lucid delivered 1,967 vehicles and produced 1,728, resulting in a net loss of $684.7 million. The company reiterated its production guidance of 9,000 cars for the year.
The Gravity SUV is anticipated to be approximately $80,000; however, Lucid has yet to disclose the official price or any other details regarding the EV's launch.
Lucid CEO Teases More Details on Gravity SUV, Plans for Mid-Size SUV by 2026
In recent interviews, CEO Peter Rawlinson has suggested that additional information will be disclosed in the months ahead. Additionally, the automaker has been promoting the forthcoming electric vehicle through a "Road to Gravity" video series. Lucid has also hinted at developing a mid-size SUV scheduled for production in late 2026, following the Gravity.
The Saudi Arabia Public Investment Fund owns a 60% stake in the automaker and is the company's most extraordinary shareholder. Last year, Lucid also established a facility in Saudi Arabia to facilitate the assembly of Lucid Air electric sedans.
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