Lucid Group, a technology company known for its Lucid Air electric vehicle, has reported a significant increase in revenue for the third quarter of 2024. Revenue rose by 45% to $200.038 million compared to the same period in 2023, with a 31% increase to $573.359 million for the nine months ended September 30, 2024. This growth is attributed to higher deliveries of the Lucid Air, despite a lower average selling price. Cost of revenue saw a decrease of 12% for the quarter and 16% for the nine-month period, primarily due to reduced inventory write-downs and losses from firm purchase commitments. Operating expenses increased, with research and development costs up by 41% for the quarter due to higher personnel-related expenses and prototype material costs. Selling, general, and administrative expenses...Show More

Lucid Group, a technology company known for its Lucid Air electric vehicle, has reported a significant increase in revenue for the third quarter of 2024. Revenue rose by 45% to $200.038 million compared to the same period in 2023, with a 31% increase to $573.359 million for the nine months ended September 30, 2024. This growth is attributed to higher deliveries of the Lucid Air, despite a lower average selling price. Cost of revenue saw a decrease of 12% for the quarter and 16% for the nine-month period, primarily due to reduced inventory write-downs and losses from firm purchase commitments. Operating expenses increased, with research and development costs up by 41% for the quarter due to higher personnel-related expenses and prototype material costs. Selling, general, and administrative expenses also rose by 23% for the quarter. Lucid Group completed a public offering and a private placement in October 2024, raising approximately $719.0 million and $1,026.5 million, respectively. The company's future plans include the launch of the Lucid Gravity SUV in late 2024 and a Midsize platform in late 2026. Lucid Group also highlighted the potential impact of an economic downturn on its business, noting that adverse economic conditions could lead to reduced demand for its products and impact financial results. The company's direct-to-consumer model and manufacturing capacity expansion are key factors in its performance, with 55 studios and service centers opened as of September 30, 2024.