Lucid Q2 2023 Earnings: Strong EV production and revenue growth lead to share price rise
Lucid Group Q2 2023: Key Highlights
- Aston Martin selected Lucid to supply powertrain and battery system technology – contracts worth in excess of $450 million
- $6.25 billion in total liquidity as of June 30, 2023
- The start of production for the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive is on track for mid-September this year
Lucid Group’s stock was up 3.9% in after-market hours on Monday, Aug 7, 2023, and jumped about 3% in early trading on Aug 8, 2023, amid substantial production numbers, however, a miss in EV’s deliveries and weaker-than-expected earnings from wall street estimates limited further upside.
The U.S. electric vehicle market is growing, but not fast enough. Rising inventories and price-cutting could represent only a short-term pause in EV market growth, but they could be signals that boost the U.S.
EV sales above the current 7% market share level will be more costly and difficult than expected. Further, due to price wars, there is increasing competition in the EV segment. In fact, Lucid has reportedly cut prices on its Air electric sedan by as much as $12,400 as part of a limited-time offer, which aims to challenge Tesla in the EV price war.
For a more detailed analysis of Lucid Group’s share price and financial performance, click here.
Lucid Group Q2 2023: Total Revenue
Lucid reported a revenue of $150.9 million this quarter driven by customer deliveries of 1,404 vehicles.
| Q2 2022 | Q2 2023 | YoY % change | |
| Total Revenue | $97,336 | $150,874 | 55% |
Lucid Group Q2 2023: Net Loss
The company saw an increase in net loss at $764,232 this quarter ending June 2023 as Lucid continues to increase its investments in R&D along with the development of future product programs, the expansion of AMP-1 and AMP-2 facilities to increase capacity and the growth of retail, delivery, and service capabilities.
| Q2 2022 | Q2 2023 | YoY % change | |
| Net Loss | -$220,425 | -$764,232 | -247% |
Lucid Group Q2 2023: Sales Highlights
| Q2 2022 | Q2 2023 | YoY % change | |
| Customer Vehicle Sales | 679 | 1,404 | 106.77% |
Lucid Group Q2 2023: Outlook
- Production of more than 10,000 vehicles
- Sufficient liquidity of $6.25 billion to fund the company into 2025 and for the production of Lucid Gravity
- Approximately $1.1-$1.3 billion in capital expenditures in 2023
- Products: Lucid Air Pure will be available in higher volumes in the second half of 2023. Lucid Air Sapphire production is to begin in the summer of 2023. Lucid Gravity SUV production to start in late 2024
Lucid Group Q2 2023: Share Price Performance
| 1 month | 6 months | 1-year | 5-years |
| -16.02% | -42.24% | -64.42% | -32.61% |
(As on Aug 8, 2023)