Lucid Group announced financial results for its second quarter ended June 30, 2023. Lucid reported Q2 revenue of $150.9 million on deliveries of 1,404 vehicles and is on track to manufacture more than 10,000 vehicles in 2023.
Additionally, Lucid initiated material shipments of vehicles to the Kingdom of Saudi Arabia. Lucid ended the second quarter with approximately $6.25 billion in total liquidity, which is expected to fund the Company into 2025.
“We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group’s technology arm,” said Peter Rawlinson, Lucid’s CEO and CTO.
“We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.”
“In the second quarter, we raised $3.0 billion in capital, including $1.8 billion from the PIF, and I’m pleased to say that our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity, and into 2025,” said Sherry House, Lucid’s CFO.
“In addition, the targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program.”
