Lucid Motors, the electric vehicle startup, has released its Q2 2024 earnings report, revealing a mixed bag of financial results. The company continues to grapple with significant losses while receiving a substantial cash infusion from Saudi Arabia’s Public Investment Fund.
Lucid’s revenue for the quarter reached $200 million, surpassing analyst expectations of $193 million. However, the company reported a net loss of $790 million, an increase from $764 million in the same quarter last year. This translates to a staggering loss of approximately $328,000 per vehicle delivered in Q2 2024, a slight improvement from $347k in Q1.
Lucid announced that Saudi Arabia’s Public Investment Fund will inject $1.5 billion into the company. This cash infusion comes at a critical time for Lucid, as it aims to bolster its financial position and fund ongoing operations.
CEO Peter Rawlinson highlighted upcoming software improvements during the earnings call. “We’re planning an OTA update that will significantly enhance our advanced driver assistance system,” Rawlinson stated. The update will introduce features such as hands-free highway assist, lane change assist, and curb rash assist.
Lucid CEO Peter Rawlinson Throwing Shade at Tesla ‘Distracted’
Rawlinson also teased a comprehensive update to the user experience, promising new interfaces, functions, and app enhancements. “I think customers are going to be delighted,” he added.
Despite the ongoing financial challenges, Lucid maintains a cash reserve of $1.35 billion. The additional Saudi investment provides a much-needed buffer as the company works to scale production and reduce per-vehicle losses.