Lucid Motors has reported a record-breaking Q2 2024, delivering 2,394 electric vehicles (EVs) and potentially signaling a turnaround for the company. This figure conveys a 22% increase from Q1 and exceeds expectations of 1,940 units.

CEO Peter Rawlinson expressed optimism about the company’s trajectory back in May in an earnings call stating, “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.”

Within Lucid’s strategy to boost sales, one notable action includes the major price cuts on its flagship Lucid Air model which has a starting price of $69,900. This price went down from around $100,000 when it was first revealed in 2021. As a result, these price cuts appear to be paying off by attracting more buyers in a market where high borrowing costs and economic uncertainties have slowed EV demand growth.

In addition to deliveries, Lucid produced 2,110 units in Q2. This brings their total production for the first half of 2024 to 3,837 units. To meet its annual production forecast of 9,000 units, Lucid will need to produce over 5,160 units in the second half of the year.

Lucid’s performance aligns with a broader trend in the EV market with most automakers seeing noteworthy upticks in EV sales over the past quarter. Notably, Tesla also reported strong Q2 deliveries as well as beat its Q2 estimates similar to Lucid.

Read More: Tesla Beats Q2 Delivery Estimates During Market Challenges

As Lucid is preparing to launch its Gravity model priced at $80,000 later this year, the company expects this new model will help sustain its momentum and attract even more buyers in the U.S. market. Furthermore, Lucid anticipates a capital expenditure of $1.5 billion in 2024, up from $910.6 million last year.

With Lucid’s scheduled release of its full Q2 2024 financial results, the company will aim to continue its quarter’s success as this marks the start of its sustained turnaround. Lucid’s release of its Q2 2024 financial results will be on August 5.

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