American electric automaker Lucid beat Q2 2024 expectations and hit a new delivery record, propelling its shares higher on Monday.
Lucid beats Q2 2024 estimates
Lucid’s electric vehicle deliveries reached 2,394 Lucid Air units in the second quarter of the year, according to the press release. This figure represents a 70% year-on-year increase and nearly 22% growth from the record Q1 2024 (1,967).
Meanwhile, Lucid produced a total of 2,110 units. This figure indicates a slight 3% decline from the previous year, suggesting that Lucid’s production has been relatively stable so far. Despite the YoY production decline, Lucid reported a notable increase in Q2 2024 from just 1,728 units built in the first quarter of the year.
It is also worth noting that Lucid’s EV inventory has gradually dropped. In Q2 2024, Lucid’s deliveries were 284 units higher than its production. It indicates a notable improvement from the 239 difference in the first quarter.
However, the cumulative gap between production and deliveries remains high at more than 4,700 units or over half a year of sales.
All that said, Lucid may be able to gradually unload the Lucid Airs surplus once it focuses on the impending Lucid Gravity.
Presented below are Lucid’s Q2 2024 figures:
| Q2 2024 | YoY Change | |
| Total production | 2,110 | -3% |
| Total deliveries | 2,394 | +71% |
YTD results
While Lucid’s YTD electric vehicle deliveries enjoyed a 55% growth from the prior year, the latest figure remains far behind its original target of 20,000 units in 2022. Here is the breakdown:
| Q1 – Q2 2024 | YoY Change | |
| Total production | 3,838 | -14% |
| Total deliveries | 4,361 | + 55% |
In hindsight, Lucid’s production reached a total of 8,428 cars (up 17% YoY) in 2023. Meanwhile, its deliveries were 6,001 EVs (up 37% YoY).
Overall, Lucid’s EV deliveries have hit nearly 15,000 units. This indicates a notable gap from the estimated production of more than 19,000 units figure.
2024 Lucid Air
For those interested, here are the updated pricing of the Lucid Air luxury electric sedan:
| Model | Base Price | Dest. Charge | Tax Credit | Effective Price |
| 2024 Lucid Air Pure RWD 19-in | $69,900 | +$1,575 | N/A | $71,475 |
| 2024 Lucid Air Pure RWD 20-in | $71,650 | +$1,575 | N/A | $73,225 |
| 2024 Lucid Air Touring AWD 19-in | $77,900 | +$1,575 | N/A | $79,475 |
| 2024 Lucid Air Touring AWD 20-in | $79,650 | +$1,575 | N/A | $81,225 |
| 2024 Lucid Air Touring AWD 21-in | $81,400 | +$1,575 | N/A | $82,975 |
| 2024 Lucid Air Grand Touring AWD 19-in | $109,900 | +$1,575 | N/A | $111,475 |
| 2024 Lucid Air Grand Touring AWD 20-in | $109,900 | +$1,575 | N/A | $111,475 |
| 2024 Lucid Air Grand Touring AWD 21-in | $111,650 | +$1,575 | N/A | $113,225 |
| 2024 Lucid Air Sapphire 20-in (F) 21-in (R) | $249,000 | +$1,575 | N/A | $250,575 |
Lucid’s new delivery record in the second quarter comes after cutting prices earlier this year. Lucid Air models’ original pricing was approximately $100,00. Now, customers can buy a Lucid ALucid’sting at only $69,900.
With the new Gravity electric SUV launching later this year, the American EV startup aims to sustain the momentum into the second half of 2024.
Lucid will initiate a conference call on August 5, 2024, to discuss its Q2 2024 financial results.
