Q2 2024 Lucid Group Inc Earnings Call Transcript
Key Points
- Lucid Group Inc (LCID) delivered a record 2,394 vehicles in Q2 2024, up 21.7% sequentially and 70.5% year-over-year.
- The company executed financing agreements with an affiliate of the public investment fund for additional commitments of $1.5 billion.
- Lucid Air was named the best luxury electric car by US News & World Report for the third consecutive year.
- Lucid Group Inc (LCID) achieved a landmark 5 miles per kilowatt hour with the Lucid Air Pure, showcasing advanced efficiency.
- The company reported revenue of approximately $200.6 million in Q2 2024, up 32.9% year-over-year and 16.1% sequentially.
- Despite improvements, Lucid Group Inc (LCID) still reported a significant adjusted EBITDA loss of $647.6 million in Q2 2024.
- Gross margin remained flat from the first quarter, impacted by a special provision related to a warranty campaign.
- The company expects to incur incremental depreciation in the back half of the year for Phase two activations in their Arizona factory.
- Lucid Group Inc (LCID) recorded restructuring charges of $20.2 million related to a recent reduction in force announcement.
- The company anticipates an increase in R&D and SG&A expenses in the second half of the year, which could impact profitability.
Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group second-quarter 2024 earnings conference call. (Operator instructions)
I would now like to turn the conference over to your speaker for today, Maynard Um, Senior Director of Investor Relations. Please go ahead, sir.
Thank you, and welcome to Lucid Group's second-quarter 2024 earnings call. Joining me today are Peter Rawlinson, our CEO and CTO; and Gagan Dhingra, our Interim CFO and Principal Accounting Officer.
Before handing the call over to Peter, let me remind you that some of our statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes financial and operating outlook and guidance, macro economic and industry trends, company initiatives and other future events.
These statements are based on predictions and expectations
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