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Lucid Group, Inc. (NASDAQ: LCID), renowned for its luxury electric vehicles, particularly the acclaimed Lucid Air, has disclosed its financial outcomes for the fourth quarter and the entirety of 2023, as of December 31. The company’s performance has notably met the upper end of its production forecast, with a total of 2,391 vehicles produced in Q4 and 8,428 throughout 2023, aligning with the anticipated range of 8,000 to 8,500 units.
In Q4, Lucid achieved revenues of $157.2 million, contributing to an annual total of $595.3 million. This financial progress comes alongside a significant operational milestone, with the company delivering 1,734 vehicles in the final quarter and 6,001 over the year, marking a 37% increase from 2022. Ending the year, Lucid reported approximately $4.78 billion in total liquidity, underscoring its robust financial health and capacity for sustained growth.
2023 also saw Lucid enter a “transformational phase” with plans to broaden its vehicle lineup and market presence, setting an ambitious production target of approximately 9,000 vehicles for 2024. This strategic direction is further exemplified by the company’s emphasis on technological innovation, market expansion, and the completion of the Air lineup, alongside the introduction of the Gravity model.
CEO Peter Rawlinson highlighted the company’s long-term investment in technology, manufacturing, and partnerships aimed at reinforcing Lucid’s stature as the leading luxury electric vehicle (EV) brand globally. 2023 marked a year of strategic achievements, including Lucid’s inaugural technology agreement, market share gains, and the unveiling of new vehicle models.
Gagan Dhingra, Lucid’s Interim Chief Financial Officer, echoed Rawlinson’s optimism, pointing to the company’s success in outpacing the total addressable market and advancing its cost optimization strategies. Looking forward, Lucid anticipates the start of production for its Gravity model in late 2024 and a high-volume Midsize platform by late 2026.
For further details, Lucid will host a conference call for analysts and investors, with a live webcast available on its investor relations website (https://ir.lucidmotors.com), where a replay of the call will also be accessible.
About Lucid Group
Lucid Group’s mission is to foster the adoption of sustainable energy through cutting-edge technology and compelling luxury electric vehicles designed around the human experience. The Lucid Air, a luxury sedan epitomizing state-of-the-art engineering and California-inspired aesthetics, marks the company’s inaugural vehicle. Manufactured in Casa Grande, Arizona, and King Abdullah Economic City, Saudi Arabia, the Lucid Air is now being delivered to customers across the U.S., Canada, Europe, and the Middle East.
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