Lucid (LCID) beats Q2 delivery goal after a record quarter

Luxury EV maker Lucid (LCID) is trending after beating Q2 expectations and setting a new delivery record. The news is sending Lucid shares higher on Monday.

Lucid sets new Q2 delivery record as momentum swings

Lucid delivered 2,394 vehicles in the second quarter, up 22% from Q1, as the EV maker gains momentum.

After setting a new delivery record (1,967) in the first three months of 2024, Lucid topped it again in Q2. Meanwhile, production is also picking back up, with 2,110 EVs built in the second quarter.

Lucid’s production slipped 27% YOY in the first quarter (1,727) after falling 30% (2,391) in Q4 2023. Although it’s still down from its peak, the uptick shows signs of a recovery. Lucid produced 8,428 EVs in 2023, and it aims to build just 9,000 this year.

With 3,837 EVs built through the first half of 2024, Lucid will need to produce another 5,163 in the second half of the year to meet its goal.

Lucid’s new delivery record in Q2 comes after slashing prices earlier this year. After launching in 2021, Lucid’s Air models were priced at around $100,000. Today, you can buy a Lucid Air starting at $69,900.

With its new Gravity electric SUV launching later this year, Lucid hopes to carry the momentum into the second half of 2024.

The record quarter comes as most automakers saw significant upticks in EV sales over the past three months.

Rivian (RIVN) also topped expectations, delivering nearly 13,800 despite its plant shutdown in April. Tesla beat guidance, delivering 443,856 EVs in the second quarter.

Ford, GM, Hyundai, Kia, and most others saw double—or triple-digit EV sales growth in Q2 as new models rolled out.

Lucid’s stock is up over 5% after topping Q2 expectations. Share prices are now up 14% over the past month but still down +60% over the past 12 months.

Lucid will release its Q2 2024 financial results on Monday, August 5, 2024. Check back then for a deeper look into the company’s performance.