Summary by Moomoo AI
On November 7, 2024, Lucid Group, Inc., a leading electric vehicle manufacturer, reported its financial results for the third quarter ending September 30, 2024. The company produced 1,805 vehicles and delivered 2,781 vehicles during the quarter, marking a 90.9% increase in deliveries compared to the same period in 2023. Lucid's Q3 revenue reached $200.0 million, and the company reported a GAAP net loss per share of $(0.41) and a non-GAAP net loss per share of $(0.28). At the end of the quarter, Lucid's total liquidity was approximately $5.16 billion. Following the quarter, Lucid completed a capital raise of approximately $1.75 billion in October 2024. CEO Peter Rawlinson highlighted the company's record delivery numbers and the opening of orders for the Lucid Gravity SUV, which is expected to begin production within the year. Interim CFO Gagan Dhingra emphasized improvements in gross margin performance and the significance of the recent capital raise in extending the company's financial runway into 2026. The full earnings presentation is available on Lucid's investor relations website.
