Lucid enjoys record-breaking quarter, exceeding Q2 delivery targets

Lucid, the American electric vehicle (EV) startup headquartered in Newark, California, ascended to center stage after it surpassed second quarter (Q2) delivery targets and set a new record by delivering 2,394 EVs during the April through June period of this year. The luxury automobile brand enjoyed a growth of 22 per cent quarter-over-quarter, thanks to the company’s strategic decision of reducing prices, which made the Lucid Air more accessible. Now, the company is reportedly gearing up to launch of the all-electric Gravity SUV before the end of this year.

In the first three months of this year, the company sold delivered 1,967 EVs, which was also a record. In the April through June quarter, the company set a new record by delivering the aforementioned number of EVs.

When it comes to production, the company suffered a year-over-year decline of 27 per cent to 1,727 units in Q1 2024. In the final quarter of 2023, production had fell 30 per cent to 2,391 units. While production is still down from its peak, the company is showing signs of a notable recovery. During the entire 2023, the company produced 8,428 EVs. Now, it has set an aim to build at least 9,000 EVs this year. As it has already 3,837 EVs through the first six months of this year, 5,163 more units are needed to be built in the second half to achieve that goal.

It is worth-noting here that Lucid’s Q2 delivery record has followed price cuts announced by the company earlier this year. In 2021, the Lucid Air models were made available at prices of around $100,000. Nowadays, the Lucid Air EVs are available with a starting price tag of $69,900.

With its plans to launch the new all-electric Gravity SUV later this year, the EV maker will most probably be able to maintain the momentum in the second half of this year.

A number of other automakers also saw significant upticks in their electric car sales in the recent past. For instance, Rivian beat market expectations by delivering as many as 13,800 EVs even as its manufacturing plant suffered shutdown in the month of April. Tesla also beat analysts’ projections by delivering 443,856 EVs in Q2 2024.

Lucid’s record-breaking quarterly performance and strategic pricing adjustments gives indication of a promising trajectory for the luxury brand.  With production ramping up and new models on the way to the market, the automaker is in good position to sustain its growth momentum into the second-half of 2024, solidifying its position in the highly-competitive EV market.