Lucid Group (NASDAQ: LCID), a company setting new standards for the luxury electric experience with the Lucid Air, America’s most awarded new luxury vehicle, is reporting its first quarter 2024 financial results, for the period ended March 31, 2024. Highlights of the report show that the company produced 1,728 vehicles in first quarter, and is on track for annual production of approximately 9,000 vehicles; delivered 1,967 vehicles in Q1, up 39.9% compared to Q1 2023; reached Q1 revenue of $172.7 million; raised $1 billion via private placement to an affiliate of the Public Investment Fund (“PIF”); and has approximately $5.03 billion of total liquidity. “I believe there are two factors that set Lucid apart: our superior, in-house technology and the partnership with the PIF,” said Lucid Group CEO and CTO Peter Rawlinson in the press release. “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.”
To view the full press release, visit https://ibn.fm/Lxoc1
About Lucid Group Inc.
Lucid Group has a mission to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. The Lucid Air is assembled at the company’s factories in Casa Grande, Arizona, and King Abdullah Economic City (“KAEC”), Saudi Arabia; deliveries of Lucid Air are currently underway to customers in the United States, Canada, Europe and the Middle East. For more information about the company, visit www.LucidMotors.com.
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