AUTO

Lucid Motors Surges with Record Q2 Deliveries and Upcoming Electric SUV Launch

July 8, 2024

Lucid Motors delivered 2,394 vehicles in Q2 2024, a 22% increase from Q1, setting a new delivery record.
Lucid’s production improved to 2,110 EVs in Q2. A price cut for their Air models, from $100,000 to $69,900, made their EVs more accessible and boosted sales.
Lucid plans to launch the Gravity electric SUV later in 2024.

After a rough patch that had many doubting its future, Lucid Motors, the luxury EV maker, has just blown past expectations in Q2, setting a new delivery record and sending its stock soaring 9%, at the time of publishing.

Lucid Motors delivered 2,394 vehicles in Q2, a 22% increase from Q1, according to the report. They smashed their previous record of 1,967 deliveries in Q1 of 2024. Production also picked up, with 2,110 EVs rolling out of their factory.

This resurgence is particularly impressive given the company’s struggles over the past year. Production slipped 27% year-over-year in Q1, and they were down 30% in Q4 2023. It seemed like they were stuck in the slow lane, but now, Lucid is showing signs of a strong comeback. They built 8,428 EVs in 2023 and have a goal set to hit 9,000 this year. With 3,837 already made in the first half of 2024, they’re on track to hit that target.

Lucid price drops, blue lucid air in a desert

One of the key moves that fueled this turnaround was a confident price cut. When Lucid launched in 2021, their Air models came with a hefty price tag of around $100,000. Now, you can snag one for $69,900. This strategic move has made their luxurious EVs more accessible to a broader audience, and it’s clearly paying off.

Lucid is also ready to launch its new Gravity electric SUV later this year, and it’s generating quite the excitement. Lucid hopes this new model will keep the momentum going into the second half of 2024.

Lucid Gravity SUV driving around city corner

Lucid’s success comes amidst a broader surge in EV sales across the industry. Rivian also beat expectations, delivering nearly 13,800 vehicles despite a plant shutdown in April. Tesla, the king of the EV hill, delivered a whopping 443,856 vehicles in Q2. Other automakers like Ford, GM, Hyundai, and Kia saw significant growth as well, thanks to new model rollouts.

Lucid Motors will release its full Q2 2024 financial results on Monday, August 5, 2024. This will give us a deeper look into how the company is really doing. But for now, let’s celebrate their victories and root for their continued success. It’s a story of resilience and innovation, and it’s inspiring to see them back on the road to recovery.