Business
Lucid Announces First Quarter 2024 Financial Results
Produced 1,728 vehicles in Q1; on track for annual production of approximately 9,000 vehiclesDelivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023Q1
About this update from Lucid Group, Inc.
[{"type":"text","content":"Produced 1,728 vehicles in Q1; on track for annual production of approximately 9,000 vehiclesDelivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023Q1 revenue of $172.7 millionSuccessfully raised $1.0 billion via private placement to an affiliate of the Public Investment Fund (PIF)Ended the quarter with approximately $5.03 billion of total liquidityNEWARK, Calif., May 6, 2024 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, today announced financial results for its first quarter ended March 31, 2024. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).\n\n \n \n \n \n \n \n\n \nLucid reported Q1 revenue of $172.7 million on deliveries of 1,967 vehicles and expects to manufacture approximately 9,000 vehicles in 2024. In Q1, Lucid raised $1.0 billion in financing via a private placement to an affiliate of the PIF, reflecting the PIF's continued and steadfast support of the Company. Lucid ended the first quarter with approximately $5.03 billion in total liquidity.\n\"I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,\" said Peter Rawlinson, CEO and CTO at Lucid. \"Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.\"\n\"We continue to make significant progress on our cost optimization programs,\" said Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid. \"We're focused on significant growth as we enter the next transformational phase of Lucid's end markets while simultaneously driving cost discipline.\"\nLucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on May 6, 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.\nAbout Lucid Group\nLucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury elec...