Written by Cláudio Afonso | LinkedIn | X
Lucid Motors has reiterated on Monday its annual production guidance of 9,000 vehicles as it prepares to start producing its second model, the Gravity SUV, later this year.
With 1,728 vehicles produced in the first quarter and 2,110 vehicles in the second quarter, the California based EV maker expects to produce 5,162 vehicles in the second half of the year.
Last year, the company produced 8,428 vehicles and delivered 6,001 units. If it reaches its annual production target, Lucid’s yearly production figures will increase about 6.79% from 2023.
Last week, Lucid’s chief executive announced that the first pre-production units of the SUV Gravity have rolled off the production line.
The company led by Peter Rawlinson revealed on Monday that its largest shareholder, which owns about 60% of the EV maker, will inject another $1.5 billion in cash.
In March, Saudi Arabia’s Public Investment Fund (PIF) had agreed to invest $1 billion.
Following the earnings results report, the shares of the company backed by Ayar Third Investment, are surging 8% in after-market trading. Based on Monday’s closing price, Lucid’s market cap stands at $6.92 billion.
Lucid Motors reported its earnings results from the second quarter of the year with revenue beating analysts estimates: $200.6 million versus $186.2 million.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
Last Friday, Rawlinson shared a comparative chart showcasing the miles per gallon of gasoline-equivalent (MPGe) results of the newly launched 2025 version of the Lucid Air sedan against three key competitors: Tesla Model S, Mercedes EQS and Porsche Taycan.
The executive said, if Tesla maintains the progression rate, it will need 7 years to reach the same MPGe of the 2025 Lucid Air, 146 miles.
Written by Cláudio Afonso | LinkedIn | X
