Lucid reaches 2023 production goal, sets 2024 guidance

Lucid reaches 2023 production goal, sets 2024 guidance

Lucid reported an annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity.

Lucid Group revealed financial results for its fourth quarter and full year ending Dec. 31, 2023. The company reported a fourth-quarter revenue of $157.2 million and annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity. It produced 2,391 vehicles during Q4 and delivered 1,734 vehicles during the same period. On a full-year basis, it produced 8,428 vehicles, meeting the higher end of the 2023 annual production guidance of 8,000 to 8,500 vehicles, and delivered 6,001 vehicles in 2023. Lucid also announced its 2024 annual production guidance of approximately 9,000 vehicles and will continue to prudently manage and adjust production to meet sales and delivery needs, it said.

“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,” Peter Rawlinson, Lucid’s CEO and CTO, said. “In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth.”

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