Lucid (LCID) wraps up Q1 EV delivery amid price cuts

EV maker Lucid ( LCID ) set a record as EV deliveries hit an all-time high in Q1 following price cuts. Will it be enough for Lucid to reach its goals in 2024?

Lucid Q1 2024 EV shipments set record amid price cuts

Lucid delivered a record 1,967 electric cars in the first three months of the year. That’s down from its peak of 1,932 in Q4 2022.

Deliveries were up 13% from the 1,734 vehicles delivered last quarter. Meanwhile, Lucid’s production decreased by 27% from 2,391 in the fourth quarter to 1,727 in Q1 2024.

Lucid announced that it plans to build just 9,000 vehicles this year, about 500 more than the 8,428 EVs built in 2023. With only 1,727 produced in Q1, Lucid will need to build nearly 7,300 more vehicles this year to reach its goal.

After cutting its 2023 production guidance in November from its original 10,000 to 14,000 to between 8,000 and 8,500, Lucid hit its target.

Lucid’s record deliveries come after cutting prices last year and shaving even more in February. EV startup Rivian ( RIVN ) also beat expectations after delivering 13,588 vehicles in Q1.

Lucid CEO Peter Rawlinson teased the new mid-size EV in January as a direct competitor to Tesla’s Model Y and Model 3.

As it prepares to launch its first electric SUV, the Gravity, Lucid closed $1 billion from Saudi partner PIF Ayar Third Investment Co.

Lucid shares have rallied slightly following the news, but share prices are still down more than 65% over the past 12 months. The EV maker ended Q4 with about $4.3 billion in cash and equivalents.

We’ll learn more about Lucid’s financial situation and Q1 2024 earnings are due on May 6, 2024. Check back for more details.