Lucid shares Q1 2024 production and delivery numbers

Luxury electric vehicle (EV) maker Lucid Motors has announced its first quarter production and delivery numbers, posting its best delivery quarter yet.

Lucid delivered 1,967 vehicles in Q1, making 1,728 units, according to press release was shared by the automaker on Tuesday. While the number of births has fallen from 2,314 in the first quarter of 2023, births have risen from 1,406 in the same period last year.

The automaker has also hit a high for this quarterly delivery result, breaking its previous record held for Q4 2022, where it delivered 1,932 units. In Q4 2023, however, Lucid delivered just 1,734 units, representing a 10 percent year-over-year decline, and produced 2,391 vehicles. For all of 2023, Lucid produced 8,428 vehicles and delivered 6,001 units.

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Lucid also has its earnings call scheduled for Monday, May 6 at 2:30 pm PT, and you can watch the webcast at the automated Investor Relations website. here. Shareholders can also submit questions by phone here.

The results come in the wake of significant price cuts from Lucid, which are thought to have helped spur record quarterly deliveries. Lucid also set a conservative production target for 2024, with plans to produce around 9,000 vehicles.

Lucid is also set to launch its own Gravity SUV later this year, and the EV has been seen numerous times testing on public roads since its launch. In January, Lucid announced that it was officially expanding its AMP-1 factory in Casa Grande, Arizona, to handle Gravity production.

Along with the Arizona plant, Lucid has also been ramping up production at a new plant in Saudi Arabia. In December, an executive from the automaker said the plant, which opened in September, had produced about 800 units of the Lucid Air.

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Lucid shares Q1 2024 production and delivery numbers