If there’s anything that recent years have taught us, it’s that automotive manufacturers that are bringing something new to the table are not to be underestimated by the industry. Sweeping change has brought electric vehicles to the forefront of what’s new and upcoming for the future of the car industry, and Lucid is one of the newest entrants into this rapidly growing and highly competitive segment. Known for its high-range, high-performance, and high-luxury Air sedan, as well as its upcoming Gravity SUV, Lucid entered the automotive industry with a strong contender, and as the young brand shares its Q1 2023 results, that strength continues.
Revenue for the first quarter of 2023 is $149.1 million, which is a result of Lucid producing 2,314 vehicles at its Arizona plant and delivering 1,406 in the duration of the period. This represents a 159% increase over the revenue of the same period of last year, meaning Lucid more than doubled its revenue. In addition, the young brand is on track to meet its goal of producing 10,000 vehicles this year, and is happy to report that its total liquidity of $4.1 billion is believed to fund the company well into 2024. As Lucid continues to realize its vision of the future of luxury cars, it looks forward to revealing the Gravity SUV later this year.