Written by Cláudio Afonso | LinkedIn | X
Lucid Motors reported on Thursday a slight decrease in overall revenue for the third quarter of the year with a SEC filing detailing later on that the Middle East region has increased its stake.
The company does not break down its global sales, making the quarterly 10-Q filing the only indicator of each region’s contribution to Lucid’s overall revenue.
Globally, the company’s revenue declined by $600,000 sequentially in the July–September period, aligning with Lucid’s preliminary results announced last month. However, revenue increased by 45% compared to the third quarter of 2023.
“The increases were primarily driven by higher deliveries of the Lucid Air vehicles, partially offset by a lower average selling price of vehicles for the three and nine months ended September 30, 2024, as compared to the same periods in the prior year,” Lucid stated in the 10-Q SEC filing.
In the second quarter of 2024, revenue from Middle East sales accounted for 20.2% of the EV maker’s total revenue. By the third quarter, that percentage had risen to 24.85%.
In that period, the EV manufacturer delivered a new record of 2,781 vehicles globally. The percentage reported for the Middle East area indicates that approximately 692 units were delivered in the region in the third quarter — however, there’s no official data to confirm the exact figures.
Revenue from North America, Lucid’s largest market, fell 5% sequentially to $147.4 million in Q3, down from $155.1 million in Q2 despite the company reporting a new record of global deliveries for the third quarter.
Revenue from “other international” markets, which covers the European continent, dropped to $3.0 million in Q3 from $4.8 million in Q2, with Q1 revenue at $3.4 million.
The third quarter performance was also down from $4.4 million in the same period last year, indicating that Lucid’s European market penetration remains limited and inconsistent.
Cantor Fitzgerald reiterated earlier this Friday a Neutral rating on the shares of the electric vehicle maker while cutting the price target by $1 to $3.00.
In a new research note, the analyst Andres Sheppard has lowered the firm’s 2024 vehicle production forecast to 8,453 units, down from a prior estimate of 9,000, despite Lucid officially reiterating the 9,000 units target on the shareholder deck.
On Thursday, the company opened customer orders in the U.S. for its second model, the Lucid Gravity.
The Gravity lineup begins with the Grand Touring variant, available now for pre-order starting at $94,900. This higher-end trim is projected to deliver 828 horsepower and a projected range surpassing 440 miles, according to the EV maker.
The more affordable Touring version, starting at $79,900, is scheduled for production beginning in late 2025.
Written by Cláudio Afonso | LinkedIn | X
