- Q2 revenue of $97.3M driven by customer deliveries of 679 vehicles in the quarter
- Strong demand with over 37,000 reservations, representing potential sales of approximately $3.5B
- Production volume outlook for 2022 revised to a range of 6,000 to 7,000 vehicles
Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced financial results for its second quarter ended June 30, 2022. Lucid reported Q2 revenue of $97.3 million on deliveries of 679 vehicles. The Company reported strong customer demand for Lucid Air with reservations over 37,000 as of today, representing potential sales of approximately $3.5 billion. Lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles. Lucid ended the quarter with $4.6 billion cash, cash equivalents, and investments, which is expected to fund the Company well into 2023. In addition, Lucid reported first half production of 1,405 vehicles.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Peter Rawlinson, Lucid’s CEO and CTO. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization. We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we shall overcome these near-term challenges.”
“Our Q2 revenue was $97.3 million, primarily driven by higher customer deliveries of Lucid Air vehicles. We continue to have a strong balance sheet, closing the quarter with $4.6 billion cash, cash equivalents and investments, which we believe is sufficient to fund the Company well into 2023,” said Sherry House, Lucid’s CFO. “Despite our immediate challenges, we believe that bringing our logistics center on-site at our Arizona factory will help reduce complexity, cut down lead times, and reduce various costs.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on August 3, 2022. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.