Lucid Q3 sales top estimates, driven by record deliveries

11:49 AM (Mecca time) Argaam
Logo ofLucid

Logo of Lucid

Electric car manufacturer Lucid beat Wall Street’s revenue expectations in Q3 2024, boosted by record deliveries despite widening losses.

 

The company reported revenues of $200 million in the three-month period, compared to estimates of $198 million.

 

Lucid delivered a record number of electric vehicles (EVs) at 2,781 during the period, but the production declined to 1,805, Reuters reported.

 

Losses reached $992.5 million in Q3, compared with $630.9 million a year earlier.

 

The company confirmed that it targets manufacturing 9,000 cars by the end of 2024, which means production of 3,357 cars in Q4. In this case, the annual production will rise 6.8% YoY from 8,428 cars in 2023.

 

The stock ended Thursday's trading 4.23% higher at $2.22.

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