Lucid Group (NASDAQ:LCID) is a California-based company that designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. The company released second quarter (Q2) production and deliveries on Monday, July 8, 2024. Lucid also revealed that it would unveil its full second quarterly report on August 5. Shares of Lucid Group jumped 7.85% on Monday, July 8, 2024. The stock is still down 23% in the year-to-date period.
In the report, Lucid announced production and delivery totals for the quarter ended June 30, 2024 of 2,110 vehicles produced and 2,394 vehicles delivered over the second quarter.
Electric vehicle sales have enjoyed strong and steady growth in the first half of this decade. EVs took approximately six years to get from 1% to 10% of global market share of total vehicle sales. According to an RMI report, it will take just six more years for EVs to reach more than 80% of global vehicle sales. The report states that global policies and lower battery costs will continue to fuel the widespread adoption of EVs. However, countries will need to adopt policies to improve power grids and electric charging availability to accommodate these surging sales.
In Q1 fiscal 2024, Lucid Group reported revenue of $172 million. Moreover, it ended the quarter with total liquidity of $5.03 billion. Lucid Group is on track for strong revenue growth going forward as it is positioned to take advantage of the surge in EVs sales globally.
