Lucid Motors sets new record for EV deliveries as it seeks 'escape velocity'

Lucid Motors delivered 2,394 EVs in the second quarter of 2024, a new record for the company and a positive sign amid its struggle to establish a foothold in the still-growing market for electric vehicles.

That number easily clears Lucid’s prior record, which it set in the first quarter of the year when it shipped 1,967 of its luxury sedans. The Saudi-backed, California-based company has been looking to expand the number of buyers for its Lucid Air sedan by slashing prices and offering more affordable trims.

The starting price of Lucid’s different versions of the Air have hovered close to — or exceeded — $100,000 since the company started shipping the sedan in 2021. But recent cuts have moved those prices down significantly, with the base model now starting at $69,900.

“For the first time, I feel we’re on the cusp of escape velocity. We have sales momentum, a compounding efficiency advantage, [and] unprecedented interest from consumers and corporate partners,” CEO Peter Rawlinson said in May when discussing Lucid’s first-quarter financial results.

These efforts have come as Lucid is looking to start building its Gravity SUV by the end of this year, a model the company says it expects will catch even more buyers in the U.S. market. The company announced the second-quarter delivery figures in a Monday morning press release, adding that it also built 2,110 in the same period.

Lucid’s sales growth comes on the heels of quarterly delivery reports from peers like Rivian and Tesla, which were released last week. Rivian’s sales remained roughly flat both compared to the first quarter and year-over-year. Tesla’s sales moved up from the first quarter, but were down compared to the same period in 2023.