Lucid Air Achieves Record Deliveries in Q1 2024

Lucid Air Deliveries Hit New Record In Q1 2024

In the first quarter of 2024, Lucid Group achieved a new quarterly record level of electric car sales, with 1,967 Lucid Air luxury all-Electric cars delivered, representing a 40% increase from the previous year. However, production decreased during the same period, with 1,728 Airs produced, which is 25% less than the previous year.

The company currently offers only the Air sedan model, but is set to launch the Lucid Gravity SUV in the near future, which is expected to be a pivotal event for Lucid as it looks to scale up its business.

The increase in sales was anticipated, as Lucid significantly reduced prices in February and offered discounts on inventory cars, with incentives reaching up to almost $30,000 in some cases. Additionally, production was intentionally lower to reduce inventory, resulting in the company selling more EVs than it produced for the first time (with a difference of 239 units).

Despite the positive sales growth, the cumulative difference between production and sales over the past two years is around 5,000 units, indicating room for improvement. The upcoming launch of the Lucid Gravity model may provide an opportunity for Lucid to utilize its surplus inventory and focus on the new model.

Looking at the Q1 results, total production was 1,728 units (down 25%), while total deliveries were 1,967 units (up 40%). In comparison, in 2023, Lucid produced 8,428 cars (up 17% year-over-year) and delivered 6,001 cars (up 37% year-over-year).

Despite not meeting its original target of 20,000 units in 2022, Lucid’s progress in the electric car market is commendable given the challenges faced by startups in the industry.

The company plans to share more insights on its financial results for the first quarter of 2024 during a conference call on May 6, 2024. Additionally, updated pricing information for the 2024 Lucid Air models is included for reference.