Lucid Group reported third-quarter revenue of $200.0 million, surpassing Wall Street expectations of $198 million. The company delivered 2,781 vehicles in the quarter, marking its third consecutive quarter of record deliveries.
Despite the revenue beat, Lucid's net loss for the third quarter widened to $992.5 million, compared to a loss of $630.9 million a year earlier. The GAAP gross margin remained negative at 106.2%, an improvement from negative 134.5% in the previous quarter.
Lucid reaffirmed its annual production forecast of approximately 9,000 vehicles for 2024. The company ended the quarter with approximately $5.16 billion in total liquidity, excluding the recent $1.75 billion stock offering.
On the same day, Lucid officially opened customer orders for its Gravity SUV, with the Grand Touring trim priced from $94,900. Production of the Gravity is scheduled to begin in late 2024, a critical step for expanding Lucid's market reach.
Interim CFO Gagan Dhingra noted ongoing improvements in gross margin performance due to cost reduction efforts. CEO Peter Rawlinson highlighted the recent capital raise as securing the company's financial runway well into 2026, ahead of a new midsize platform launch in late 2026.
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