Lucid Group Inc (LCID) Q3 2024 Earnings Report

In Q3 2024, Lucid Group Inc demonstrated robust growth in vehicle deliveries, with total deliveries for the quarter reaching 2,781, marking an impressive 91% increase year-over-year and a 16% increase compared to the previous quarter. Revenue for the quarter was approximately $200 million, reflecting a 45.2% year-over-year growth but remained flat sequentially due to product mix changes. Despite these advancements, the company posted a sizable net loss of $992 million, primarily driven by high R&D investments and increased operational costs as the company prepares for the upcoming launch of the Lucid Gravity SUV, expected to begin production soon. Management remains confident in achieving better cost efficiencies as they continue their cost transformation initiatives and capitalize on upcoming vehicles that will target a significantly larger addressable market.