Written by Cláudio Afonso | LinkedIn | X
Lucid Motors said on Wednesday it delivered 3,109 vehicles in the first quarter of the year while production stood at 2,212 units. Deliveries surged 58% year over year compared to the 1,967 vehicles delivered in the first three months of 2024.
The California based EV maker said that it has “over 600 additional vehicles in transit to Saudi Arabia for final assembly” at its assembly plant in the country.
In a separate statement, the company said it plans to raise $1 billion through a private offering of convertible senior notes due 2030. Immediately after both reports, Lucid shares are trading 0.4% lower at $2.39 after having fallen 5% on Wednesday’s session.
The company said it will report its first quarter earnings results on May 6 after the market closes.
As reported on Tuesday, the company saw its U.S. sales reach a new record in March with 942 units, according to Motor Intelligence estimates, bringing March figures bring US sales for the first quarter to about 2,412 units.
Sales jumped 63.8% year over year, rising from 575 units, and increased 17% from February. The Saudi-backed manufacturer is aiming to produce around 20,000 vehicles in 2025, nearly double last year’s output.
Marc Winterhoff, the interim CEO of the EV maker Lucid Motors, announced last week the company will start customer deliveries in the U.S. of its Gravity model “by the end of April.”