Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.
Lucid Group slightly beat Wall Street's third-quarter expectations as the electric carmaker cuts costs ahead of plans to begin consumer production of a new SUV by the end of this year.
Lucid CEO Peter Rawlinson described the quarter as a "landmark" for the company, citing record deliveries of 2,781 units as well as cost-cutting measures.
The company reaffirmed plans to produce roughly 9,000 vehicles this year, which would mark a 6.8% increase compared to 8,428 units in 2023.
Lucid said it had $5.16 billion in total liquidity to end the quarter.
Persons:
Peter Rawlinson, Lucid
Organizations:
Lucid
Locations:
San Francisco