Lucid Motors Faces $371,000 Loss Per Electric Vehicle Sold

Despite increasing deliveries and revenue, Motors reports significant losses in the first quarter of 2024.

  • Lucid Motors delivered a record 1,967 electric sedans in Q1 2024 but faced substantial financial losses.
  • Revenue for Q1 2024 was $173 million, showing improvement over the previous year, yet losses amounted to $729.9 million.
  • Each vehicle sold resulted in a loss of $371,000, reflecting ongoing production and operational challenges.
  • Lucid Motors maintains robust financial health with over $5 billion in liquid assets, largely due to backing from the Saudi Public Investment Fund.

Delivery records and financial outcomes

Lucid Motors, known for its premium electric sedans, set a new delivery record in the first quarter of 2024 by shipping out 1,967 units, marginally higher than the previous quarter's 1,932 units. Despite these gains, the company's production of its flagship Lucid Air model has decreased due to anticipations of hesitant market demand. This strategic adjustment came alongside a price reduction to stay competitive.

The company reported a revenue increase to $173 million from $149.4 million in the same period last year. However, Lucid still encountered significant financial losses totaling $729.9 million, albeit a decrease from $772.2 million the previous year.

Strategic financial management

Each Lucid vehicle sold in Q1 2024 accounted for a loss of $371,000, a stark indication of the high costs associated with their production and the luxury market positioning. Despite these challenges, Lucid Motors is not facing a cash flow problem, thanks to substantial financial backing from the Saudi Public Investment Fund (PIF). This backing has provided Lucid with a strong financial base, boasting $5.03 billion in liquid assets.

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This robust financial position supports Lucid's continued investment in research and development, aiming to enhance vehicle efficiency and cost-effectiveness in future models.

Technological innovation and future plans

Peter Rawlinson, CEO and CTO of Lucid, highlights the company's technological edge and strategic partnership with the PIF as critical factors in navigating current financial challenges. He expressed confidence in the potential of their upcoming models, including the Lucid Gravity—an SUV set to rival the best in its class with deliveries expected by the end of the year.

Further expanding its lineup, Lucid is also developing a mid-sized model designed to compete directly with industry leaders like and . This move indicates Lucid's ambitious plans to capture a larger share of the electric vehicle market by broadening its range to include more competitively priced models.

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Written by Emmy

Hi there, I'm Emmy, your go-to electric vehicle enthusiast and writer for With a deep-seated passion for sustainable technology and a greener planet, I've spent years exploring the ins and outs of electric vehicles (EVs). From the latest models and groundbreaking technologies to insights on EV policies and environmental impacts, I'm here to share everything you need to know about the electric revolution. Join me as we navigate the electrifying world of EVs, uncovering the future of transportation that's not just about getting from A to B, but doing so in a way that's kinder to our planet.

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