Lucid Group, a technology company known for its Lucid Air electric vehicle, has reported a 33% increase in revenue to $200.581 million for the three months ended June 30, 2024, compared to the same period in 2023. The company's net revenue for the six months ended June 30, 2024, also rose by 24% to $373.321 million. Despite the increase in revenue, Lucid Group experienced a decrease in cost of revenue by 15% and 17% for the three and six months respectively, primarily due to lower inventory write-downs and losses from firm purchase commitments. Operating expenses increased by 20% to $517.643 million for the three months and by 19% to $1.015 billion for the six months, driven by research and development and selling, general, and administrative expenses. Lucid Group also announced a restructuring plan...Show More

Lucid Group, a technology company known for its Lucid Air electric vehicle, has reported a 33% increase in revenue to $200.581 million for the three months ended June 30, 2024, compared to the same period in 2023. The company's net revenue for the six months ended June 30, 2024, also rose by 24% to $373.321 million. Despite the increase in revenue, Lucid Group experienced a decrease in cost of revenue by 15% and 17% for the three and six months respectively, primarily due to lower inventory write-downs and losses from firm purchase commitments. Operating expenses increased by 20% to $517.643 million for the three months and by 19% to $1.015 billion for the six months, driven by research and development and selling, general, and administrative expenses. Lucid Group also announced a restructuring plan aimed at optimizing operating expenses, which is expected to be substantially completed by the end of the third quarter of 2024. The company has entered into a Series B Subscription Agreement with Ayar for a private placement of $750 million, expected to be issued on August 16, 2024. Lucid Group's future plans include leveraging technological advancements from the Lucid Air to the Lucid Gravity SUV, with production starting in late 2024, and a Midsize platform scheduled for late 2026. The company also plans to expand its retail and service network, with 53 studios and service centers opened as of June 30, 2024. Lucid Group anticipates spending approximately $1.3 billion in capital expenditures for fiscal year 2024 to support commercialization and growth objectives.