Lucid Announces Q3 Production & Deliveries, Sets Date for Third Quarter 2024 Results

Rhea-AI Summary

Lucid Group, Inc. (NASDAQ: LCID) has announced its Q3 2024 production and delivery figures. The company produced 1,805 vehicles and delivered 2,781 vehicles in the quarter ended September 30, 2024. Approximately 8% of deliveries were subject to operating lease accounting. Lucid will host a conference call to discuss its Q3 2024 financial results on November 7, 2024, at 2:30 pm PT / 5:30 pm ET.

To enhance shareholder engagement, Lucid is partnering with Say Technologies to allow shareholders to submit and upvote questions for the earnings call. The Q&A platform will be open from October 24 to November 5, 2024. Shareholders can submit questions at https://app.saytechnologies.com/lucid-group-2024-q3.

Positive

• Delivered 2,781 vehicles in Q3 2024
• Produced 1,805 vehicles in Q3 2024

Negative

• None.

Insights

Financial Analyst

Lucid's Q3 2024 production and delivery figures show mixed results. The company produced 1,805 vehicles but delivered 2,781, indicating they're selling from existing inventory. This 54% delivery-to-production ratio suggests potential demand challenges or production inefficiencies.

The 8% of deliveries subject to operating lease accounting is noteworthy, as it may impact revenue recognition. Investors should watch for the full financial results to understand the implications on cash flow and profitability.

With a market cap of $7.68 billion, Lucid's current production rate translates to about 7,220 vehicles annually. This seems low for its valuation, suggesting investors are pricing in significant future growth. The upcoming earnings call will be important for understanding Lucid's financial health and growth trajectory in the competitive EV market.

Market Research Analyst

Lucid's decision to partner with Say Technologies for Q&A engagement is a strategic move to enhance transparency and shareholder communication. This approach aligns with modern investor relations practices and could potentially boost retail investor confidence.

However, the focus should remain on the production and delivery numbers. The gap between production (1,805) and deliveries (2,781) might indicate inventory clearance, which could be positive for cash flow but raises questions about production efficiency and demand forecasting.

The EV market is highly competitive and Lucid's performance should be benchmarked against peers. Investors should look for insights on market positioning, production ramp-up plans and strategies to achieve profitability during the earnings call. The company's ability to scale production and maintain its "world's most advanced electric vehicles" claim will be critical for long-term success.

NEWARK, Calif., Oct. 7, 2024 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, today announced production and delivery totals for the quarter ended September 30, 2024. During this period, Lucid produced 1,805 vehicles and delivered 2,781 vehicles, of which approximately 8% were subject to operating lease accounting.¹

Lucid will host a conference call to discuss its third quarter 2024 financial results on Thursday, November 7, 2024, at 2:30 pm PT / 5:30 pm ET. Prior to the conference call, the company will issue an earnings press release with a link to the live webcast on its investor relations website, https://ir.lucidmotors.com.

To enhance engagement with the company's shareholder base and facilitate connections with its investors, Lucid is partnering with Say Technologies to allow retail and institutional shareholders to submit and upvote questions, a selection of which will be answered by Lucid management during the earnings call.

Starting on October 24, 2024, at 2:30 pm PT / 5:30 pm ET, shareholders can submit questions by visiting: https://app.saytechnologies.com/lucid-group-2024-q3. This Q&A platform will remain open until 2:30 pm PT / 5:30 pm ET on November 5, 2024. Shareholders can email support@saytechnologies.com for any support inquiries.

Earnings Call Details:

Date: Thursday, November 7, 2024

Time: 2:30 pm PT / 5:30 pm ET

Webcast: https://ir.lucidmotors.com (live and replay)

¹ Lucid's net income and cash flow results will be announced along with the rest of its financial performance when Lucid announces third quarter earnings. Lucid vehicle production and delivery numbers represent only one measure of the company's operating performance and should not be relied on as sole indicators of quarterly financial results, which depend on a variety of factors.

About Lucid Group

Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $69,900*. Lucid is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company's goal is to accelerate humanity's transition to sustainable transportation and energy.

*Excludes tax, title, license, options, destination, and documentation fees. For U.S. market only.

Investor Relations Contact

investor@lucidmotors.com

Sign up for investor email alerts: https://ir.lucidmotors.com/ir-resources/email-alerts

Media Contact

media@lucidmotors.com

Trademarks

This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid's expectations related to production and delivery volume outlook and Lucid's finalized production and delivery totals for the quarter ended September 30, 2024. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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SOURCE Lucid Group

FAQ

How many vehicles did Lucid (LCID) deliver in Q3 2024?

Lucid Group (LCID) delivered 2,781 vehicles in the third quarter of 2024.

What was Lucid's (LCID) vehicle production in Q3 2024?

Lucid Group (LCID) produced 1,805 vehicles in the third quarter of 2024.

When will Lucid (LCID) announce its Q3 2024 financial results?

Lucid Group (LCID) will announce its Q3 2024 financial results on Thursday, November 7, 2024, at 2:30 pm PT / 5:30 pm ET.

How can shareholders submit questions for Lucid's (LCID) Q3 2024 earnings call?

Shareholders can submit questions for Lucid's (LCID) Q3 2024 earnings call through Say Technologies' platform at https://app.saytechnologies.com/lucid-group-2024-q3 from October 24 to November 5, 2024.