Written by Cláudio Afonso | LinkedIn | X
The electric vehicle (EV) maker Lucid Motors published on Monday its earnings results from the second quarter reporting a total revenue of $200.6 million on deliveries of 2,394 vehicles.
While revenue reported beat the consensus estimate of $186.2 million, the earnings per share (EPS) were -$0.29, $0.02 worse than expected. Lucid’s stock is trading 9% higher immediately after the results.
The result is higher than the $172.7 million of revenue from the first quarter as vehicles delivered also increased quarter over quarter.
| Metric | Q2 2024 | Q1 2024 |
|---|---|---|
| Lucid Air Deliveries | 2,394 | 1,967 |
| Production | 2,110 | 1,728 |
| Studios / Service Centers | 53 | 50 (3 new) |
| Revenue | $200.6 M | $172.7M |
| Total Liquidity | $4.28 billion | ~$5.03 billion |
| Capital Expenditures | ~234.3M | ~$198.2M |
“I’m very encouraged by our sales and market share momentum we’re experiencing, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year,” said the chief executive Peter Rawlinson.
“The tremendous financial value potential our technology enables is now becoming better recognized, and our achievement of a landmark efficiency of 5.0 miles per kilowatt hour, ahead of where we anticipated, is a further proof point of our leadership as a technology company,” he added.
Lucid’s Interim Chief Financial Officer stated that said the results are the result of “increased sales” and “cost reduction efforts”.
“Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts, which contribute to the journey toward improving gross margin,” said Gagan Dhingra.
“We ended the second quarter with $4.28 billion in total liquidity and remain committed to maintaining a healthy balance sheet to execute on our strategic vision. The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025,” Dhingra added.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
The conference call with the company’s CEO and the Principal Accounting Officer will start at 5:30 pm Eastern Time.
In late May, Lucid Motors announced that was laying off 400 workers, representing about 6% saying it would “substantially complete the plan by the end of this quarter.
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.
In mid-July, the luxury electric vehicle (EV) maker introduced the revamped Lucid Air Pure, the most efficient production car ever created.
The 2025 version of this model has set new benchmarks, achieving an impressive 5.0 miles per kilowatt-hour (kWh) and 146 MPGe.
Written by Cláudio Afonso | LinkedIn | X
