Lucid plans high investments thanks to buffer funding from Saudi Arabia
According to the recently published annual report, Lucid Motors achieved a turnover of 172.7 million US dollars between January and March with 1,967 electric cars delivered. At the bottom line, however, Lucid posted a net loss of 684.7 million US dollars in the first quarter. This is slightly less than the -779.5 million dollars in the previous year. According to Reuters, the US electric car manufacturer expects to have to spend more on investments in 2024 than in 2023. The figure is USD 1.5 billion compared to USD 910.6 million last year. One of the reasons for this is the planned production start-up of the two-model Gravity. The third model, an “affordable mid-range car,” is to follow at the end of 2026, according to Reuters.
Thanks to a further billion from the Saudi sovereign wealth fund PIF, Lucid’s Q1 balance sheet for the end of March shows cash and cash equivalents totalling 2.17 billion dollars. Three months earlier – at the end of the fourth quarter of 2023 – the figure was USD 1.37 billion. “I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF,” commented Peter Rawlinson, CEO and CTO at Lucid. “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.”
Lucid published its latest production and delivery figures a few weeks ago. In the first quarter, the company produced 1,728 and delivered 1,967 electric cars. Although this is more than in the fourth quarter of 2023, the manufacturer still needs to increase its annual forecast of 9,000 BEVs produced in 2024. For comparison: in the final quarter of 2023, Lucid reportedly built 2,391 electric vehicles and sold 1,734 units to customers. That quarter was one of the strongest of the entire past year for Lucid, as the luxury car manufacturer produced 8,428 electric cars and delivered 6,001 units in 2023. The fact that more cars were delivered than built in Q1 2024 for the first time is a sign that the expensive inventory is being reduced somewhat. Lucid had recently repeatedly lowered the prices of the Air in order to support sales.
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