Lucid Air Deliveries Hit New Record In Q1 2024

Lower prices and discounts on inventory cars boosted results.

2024 Lucid Air Sapphire Exterior Front Quarter

Mark Kane

By: Mark Kane

Apr 9, 2024 at 5:28pm ET

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Lucid Group increased its electric car sales to a new quarterly record level during the first quarter of 2024, while production—unsurprisingly—decreased.

During the period, the company delivered 1,967 Lucid Air luxury all-electric cars, 40% more than a year ago. That's more than in the previously best Q4 2022 (1,932 units). Meanwhile, production amounted to 1,728 Airs, 25% less than a year ago.

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Lucid Gravity on the horizon

Currently, Lucid offers only one model—the Air sedan, although in the near future, the company will launch the promising Gravity SUV. It will be the most important event for Lucid, which has to scale up its business.

Such results do not surprise us. First, sales were expected to increase because Lucid reduced prices quite substantially in February and offered discounts on inventory cars (incentives escalated to almost $30,000 in some cases according to a recent report).

Secondly, production was noticeably lower than a year ago and in Q4 2023—probably intentionally to unload the relatively high inventory. It helped. According to our data, the company, for the very first time, managed to sell more EVs than it produced (the difference was 239 units).

The accumulated difference between production and sales over the past two years is now about 5,000 units—still a lot when compared to the sales volume (an equivalent to more than two quarters). There is a chance—we guess—that Lucid might try to use its vehicle surplus when will be launching its all-new, Lucid Gravity model. The factory could focus on the new model.

Lucid Q1'2024 results (YOY change):

Total production: 1,728 (down 25%)
Total deliveries: 1,967 (up 40%)

Lucid EV Production And Deliveries - Q1 2024

For reference, in 2023, Lucid produced 8,428 cars (up 17% year-over-year) and delivered 6,001 cars (up 37% year-over-year).

Lucid Q1-Q4'2023 results (YOY change):

Total production: 8,428 (up 17%)
Total deliveries: 6,001 (up 37%)

Cumulatively, Lucid delivered 12,462 electric cars, compared to more than 17,000 produced (estimated).

Lucid Air Deliveries

Lucid Air Production

Lucid's results are far from its original targets (20,000 units in 2022), but the car business is never easy, especially for start-ups.

It will be interesting to see the company's new outlook next month. Lucid plans to host a conference call to discuss its first quarter 2024 financial results on Monday, May 6, 2024.

Gallery: Lucid Air Sapphire

Lucid Air Sapphire

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2024 Lucid Air

Below, we attached the up-to-date Lucid Air pricing.

Model Base Price Dest. Charge Tax Credit Effective Price 2024 Lucid Air Pure RWD 19-in $69,900 +$1,575 N/A $71,475 2024 Lucid Air Pure RWD 20-in $71,650 +$1,575 N/A $73,225 2024 Lucid Air Touring AWD 19-in $77,900 +$1,575 N/A $79,475 2024 Lucid Air Touring AWD 20-in $79,650 +$1,575 N/A $81,225 2024 Lucid Air Touring AWD 21-in $81,400 +$1,575 N/A $82,975 2024 Lucid Air Grand Touring AWD 19-in $109,900 +$1,575 N/A $111,475 2024 Lucid Air Grand Touring AWD 20-in $109,900 +$1,575 N/A $111,475 2024 Lucid Air Grand Touring AWD 21-in $111,650 +$1,575 N/A $113,225 2024 Lucid Air Sapphire 20-in (F) 21-in (R) $249,000 +$1,575 N/A $250,575

*Lucid adds a Destination fee (DST) of $1,500 and a Documentation fee of $75 to all its models ($1,575 total).

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