Ahead of its call with investors this afternoon, Lucid Motors has posted its Q1 2024 financial results. The numbers aren’t mind-blowing, but the American automaker is making slow improvements in EV deliveries and revenue as it gears up to launch its second model later this year.
Today’s full Q1 2024 financial report follows a peek at delivery numbers Lucid Motors ($LCID) made public in April. The American EV automaker reported record deliveries of its Air sedan to date, sending 1,967 vehicles to customers in the first three months of the year.
That metric bested its previous delivery record of 1,932 units in Q4 2022 and is up 13% compared to Q4 2023 (1,734 deliveries). That being said, Air production is significantly down following a dawdling demand for its lone model, which recently saw some 2024 model year updates and lower pricing.
Lucid produced a mere 1,727 BEVs in Q1 2024, down from 2,391 units in Q4 2023 (-27%). Still, Lucid Motors remains quite liquid following a fresh raise of private funds and has expressed confidence that it can remain on track to hit its production guidance for the entire year.
Lucid reports nearly $173 million in revenue in Q1 2024
You can check out the full Q1 2024 financial breakdown from Lucid Motors ahead of this afternoon’s call with investors, but here are some notable figures. Q1 revenue was $172.7 million year-over-year, up from $149.4 million in Q1 2023.
Operational losses were $729.9 million, down from $772.2 million a year ago, and net losses were $680.9 million, down YOY from $779.5 million. With the $1 billion investment from the Saudi Arabian Public Investment Fund (PIF), Lucid relayed that at the end of Q1 2024, it remains quite liquid with approximately $5.03 billion. Lucid CEO and CTO Peter Rawlinson elaborated:
I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF. 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.
Gravity is expected to begin deliveries before the end of the year and could contribute to Lucid’s production numbers. The automaker said it remains on track to produce approximately 9,000 BEVs in 2024. For comparison, Lucid Motors built 8,428 EVs in 2023.
Gravity will be followed by a third model, currently codenamed “Mid-size,” which will be available in at least two variations and has the potential to be a true competitor to companies like Tesla and Rivian.
Gagan Dhingra, Lucid’s interim chief financial officer and principal accounting officer, also spoke about the automaker’s progress
We continue to make significant progress on our cost optimization programs. We’re focused on significant growth as we enter the next transformational phase of Lucid’s end markets while simultaneously driving cost discipline.
