Summary by Moomoo AI
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
