Lucid plans to introduce cheaper EVs through cost efficiency

Luxury electric vehicle (EV) maker Lucid Motors posted revenues of US$200.6m in its Q2 2024 earnings report, representing a 33% improvement on the previous year. The company produced 2,394 vehicles during the period, bringing its total for H1 to 6,232, or 69% of its 9,000 target for 2024. Total liquidity stood at around US$4.3bn.

In a 5 August statement, Peter Rawlinson, Chief Executive and Chief Technology Officer at Lucid, commented that he was “very encouraged” by the company’s momentum. "The tremendous financial value potential our technology enables is now becoming better recognised.” Lucid’s 2025 Air Pure model received a 146 miles per gallon equivalent rating from the US Environmental Protection Agency—based on an 84kWh battery producing 420 miles of range, or five miles per kilowatt hour. At the time of writing, this makes it the most efficient vehicle in the world of any powertrain.