While Q2 revenue and net loss missed market estimates, Lucid said it has enough cash to start production of Gravity SUV in late 2024.
Lucid Group posted its Q2 2023 financial results on August 7, announcing that it maintains its production goal for the year and has enough cash to launch the Gravity SUV next year.customer deliveries of 1,404 vehicles in the quarter
The second-quarter net loss widened to $764.2 million from $555.3 million during the same quarter last year. Both the Q2 revenue and net loss missed market estimates. Speaking of Saudi Arabia, Lucid said it initiated material shipments of vehicles to the country and that it finalized the purchase agreement with the Government of Saudi Arabia. TheThe second half of the year promises to be eventful for Lucid when it comes to product launches, as noted by CEO Peter Rawlinson.
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