Lucid Air Deliveries Hit New Record In Q1 2024

Lucid Group increased its sales of electric vehicles to a new quarterly record high in the first quarter of 2024, while production—unsurprisingly—declined.

During that period, the company delivered 1,967 Lucid Air luxury electric vehicles, 40% more than a year ago. That’s more than the best Q4 2022 (1,932 units). At the same time, production reached 1,728 Airs, 25% less than a year ago.

Such results are not surprising. First, sales were expected to increase because Lucid cut prices significantly in February and offered discounts on premium cars (incentives rose to nearly $30,000 in some cases according to a recent report).

Second, production was significantly lower than a year ago and in Q4 2023—perhaps intentionally to offload relatively high inventory. It helped. According to our data, the company, for the first time, was able to sell more EVs than it produced (the difference was 239 units).

The cumulative difference between production and sales over the past two years is now about 5,000 units—still large compared to sales volume (equal to more than two quarters). There’s a chance—we’re guessing—that Lucid might try to capitalize on its drive when it launches its all-new Lucid Gravity model. The factory may consider a new model.

Lucid Q1’2024 results (YOY change):

• Total production: 1,728 (down 25%)
• Total shipments: 1,967 (up 40%)

For reference, in 2023, Lucid produced 8,428 vehicles (up 17% year-on-year) and delivered 6,001 vehicles (up 37% year-on-year).

Lucid Q1-Q4’2023 results (YOY change):

• Total production: 8,428 (up 17%)
• Total shipments: 6,001 (up 37%)

In total, Lucid delivered 12,462 electric vehicles, compared to more than 17,000 produced (estimated).

Lucid’s results are far from its original goals (20,000 units in 2022), but the car business is not easy, especially for startups.

It will be interesting to see the company’s new perspective next month. Lucid plans to host a conference call to discuss its first quarter 2024 financial results on Monday, May 6, 2024.

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2024 Lucid Air

Below, we have attached the current price of Lucid Air.

*Lucid adds a Destination Fee (DST) of $1,500 and a Documentation fee of $75 to all of its models ($1,575 total).