Lucid says it is on track to build 10,000 EVs this year and is still on target to unveil the Gravity SUV in November, before launching it in 2024 and ramping up production throughout 2025.
The electric car manufacturer generated $150.9 million in revenue in the second quarter of this year after delivering 1,404 examples of the Air. It ended Q2 with approximately $6.25 billion in total liquidity which it says is enough to fund the company into 2025. Its cash balance currently stands at $2.78 billion compared with $900 million at the end of the first quarter.
“We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base,” Lucid chief executive and chief technology officer Peter Rawlinson said. “During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group’s technology arm. We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.”
Read: EV Startups Set To Post More Losses As Tesla Buckles Down For An Uncertain Future
While Lucid delivered fewer vehicles than some had expected, Q2 proved fruitful for it as it raised no less than $3.0 billion in fresh capital, including $1.8 billion from Saudi Arabia’s sovereign wealth fund, its largest individual shareholder.
“Our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity, and into 2025,” added Lucid chief financial officer Sherry House. “In addition, the targeted actions underway to invigorate our marketing programs in the luxury and premium segment have resulted in greater brand awareness, which we aim to capitalize on through the launch of our latest pricing program.”
