Lucid (LCID) sneaks out record first quarter EV deliveries as price cuts take effect

EV maker Lucid (LCID) set a record with EV deliveries hitting a new high in Q1 following significant price cuts. With production slipping, will it be enough for Lucid to hit its targets in 2024?

Lucid Q1 2024 EV deliveries set a record amid price cuts

Lucid delivered a record 1,967 electric vehicles in the first three months of the year. That’s up from its peak of 1,932 in Q4 2022.

Deliveries were up over 13% from the 1,734 vehicles handed over last quarter. Meanwhile, Lucid’s production fell 27% from 2,391 in the fourth quarter to 1,727 in Q1 2024.

Lucid announced it plans to build just 9,000 vehicles this year, roughly 500 more than the 8,428 EVs built in 2023. With just 1,727 produced in Q1, Lucid will need to build nearly 7,300 more vehicles this year to hit its goal.

After lowering its 2023 production guidance in November from its initial 10,000 to 14,000 to between 8,000 and 8,500, Lucid hit its target.

Lucid’s record deliveries come after cutting prices last year and shaving even more off in February. EV startup Rivian (RIVN) also beat expectations after delivering 13,588 vehicles in Q1.

Lucid CEO Peter Rawlinson teased a new mid-size EV in January as a direct competitor to Tesla’s Model Y and Model 3.

As it prepares to launch its first electric SUV, the Gravity, Lucid scored another $1 billion from Saudi PIF affiliate Ayar Third Investment Co. Saudi Arabia’s PIF owns an over 60% stake in Lucid, with around $5.4 billion invested since 2018.

Lucid’s stock is up slightly following the news, but share prices are still down over 65% over the past 12 months. The EV maker ended Q4 with around $4.3 billion in cash and equivalents.

We’ll learn more about Lucid’s financial situation with Q1 2024 earnings due out on May 6, 2024. Check back for more info.