Lucid Motors (LCID) announced it has enough funding for “well into 2026” after releasing third-quarter earnings. After its third straight quarter of record deliveries, Lucid will begin building its first electric SUV, the Gravity, later this year.
Lucid has funding for Gravity SUV launch and more
“Our momentum continues with our third consecutive quarter of record deliveries,” Lucid’s CEO Peter Rawlinson said after releasing the company’s Q3 2024 financial results.
After delivering another 2,781 vehicles in the third quarter, Lucid’s delivery total reached 7,142 through September. That’s more than the 6,001 Lucid delivered in 2023 already.
The higher deliveries led to top-line growth in the third quarter. Lucid posted $200 million in Q3 revenue, up from $137.8 million last year. Despite the higher delivery total, Lucid’s cost of revenue also fell to $412 million as the company continued driving down costs.
However, Lucid’s net loss rose to $992.5 million on the higher output, up from $630.9 million in Q3 2023.
Lucid ended the third quarter with about $5.16 billion in total liquidity. Its recent $1.75 billion capital raise “serves to further secure the future of the company by extending its financial runway well into 2026,” Rawlinson said.
After opening orders for its first electric SUV on Thursday, Lucid said Gravity production is still on track to start later this year. It has already begun pre-production builds.
Rawlinson calls the Gravity a “landmark product” starting at $79,800 with expected up to 440 miles range.
Lucid also teased its upcoming midsize electric SUV in September. Starting at under $50,000, the new model is expected to rival Tesla’s top-selling Model Y. A midsize electric sedan is also in the works and could compete with the Model 3.
Rawlinson previously said the new midsize models are aimed “right in the heart of Tesla Model 3, Model Y territory.” Lucid plans to begin production on the midsize platform in late 2026.