Lucid Group Inc

LCID

Equity

ISIN US5494981039 / Valor 112781366

NASDAQ (2024-09-13)

USD 3.94+0.77%

Lucid Group Inc
UMushroom community rating:

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About company

Lucid Group Inc is a company led by experienced professionals like Glenn R. August and Turqi Alnowaiser, who bring a wealth of knowledge and expertise in investment management and international investments. The company focuses on distressed investment activities and corporate restructuring, with a strong emphasis on credit and distressed investments. With a background in leading various firm committees and serving on multiple corporate boards, Lucid Group Inc is well-positioned to provide strategic guidance and investment opportunities in the financial market.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Revenue Growth

Lucid Group Inc. reported revenue of $200.6 million for the second quarter of 2024, a significant increase from the $150.9 million reported in the same quarter of the previous year. This growth was driven by higher vehicle deliveries and increased demand for their luxury electric vehicles.

Cost of Revenue

The cost of revenue for Lucid Group Inc. in Q2 2024 was $470.4 million, down from $555.8 million in Q2 2023. The reduction in costs reflects improved production efficiencies and cost management strategies implemented by the company.

Net Loss

Lucid Group Inc. reported a net loss of $643.4 million for the second quarter of 2024, compared to a net loss of $764.2 million in the same period of 2023. The decrease in net loss is attributed to higher revenues and better cost control measures.

Research and Development Expenses

In Q2 2024, Lucid Group Inc. spent $287.2 million on research and development, up from $233.5 million in Q2 2023. The increase in R&D expenses underscores the company's commitment to innovation and the development of new technologies for their electric vehicles.

Outlook

Lucid Group Inc. remains optimistic about its future prospects, with plans to continue expanding its product lineup and increasing production capacity. The company anticipates that these efforts will drive further revenue growth and improve profitability in the coming quarters.

Summarized from source with an LLMView Source

Key figures

-32.9%1Y

-80.4%3Y

%5Y

Performance

78.5%1Y

84.3%3Y

89.9%5Y

Volatility