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Lucid Announces Second Quarter 2023 Financial Results, On Track for Annual Production Guidance of More Than 10,000 Vehicles
Q2 revenue of $150.9 million driven by customer deliveries of 1,404 vehicles in the quarterBolstered balance sheet to $6.25 billion in total liquidity as of
About this update from Lucid Group, Inc.
[{"type":"text","content":"Q2 revenue of $150.9 million driven by customer deliveries of 1,404 vehicles in the quarterBolstered balance sheet to $6.25 billion in total liquidity as of June 30, 2023Aston Martin selected Lucid to supply powertrain and battery system technology – contracts worth in excess of $450 million – further validating Lucid's superior technologyOriginal pricing reinstated with the Lucid Air All Wheel Drive starting at $82,400Finalized purchase agreement with Government of Saudi ArabiaStart of production for the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive on track for mid-SeptemberThe Lucid Gravity unveiling in November; start of production on track for late 2024NEWARK, Calif., Aug. 7, 2023 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced financial results for its second quarter ended June 30, 2023.\nLucid reported Q2 revenue of $150.9 million on deliveries of 1,404 vehicles and is on track to manufacture more than 10,000 vehicles in 2023. Additionally, Lucid initiated material shipments of vehicles to the Kingdom of Saudi Arabia. Lucid ended the second quarter with approximately $6.25 billion in total liquidity, which is expected to fund the Company into 2025.\n\"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group's technology arm,\" said Peter Rawlinson, Lucid's CEO and CTO. \"We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.\"\n\"In the second quarter, we raised $3.0 billion in capital, including $1.8 billion from the PIF, and I'm pleased to say that our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity, and...