EV startup Lucid Motors reported a 39% increase in Air deliveries for the first quarter of 2024, with 1,967 units delivered. But it grew sales to a still-modest total while reporting a $598 million EBITDA-adjusted financial loss for the quarter. Clearly, it's a long road ahead for Lucid. The good news is that the company's flagship 'Gravity' SUV is on track to launch by the end of the year.
Lucid's backed by deep pockets—its majority shareholder is the Public Investment Fund of the Kingdom of Saudi Arabia—but has repeatedly had to tap that line for more cash. According to its Q1 earnings report, Lucid secured another $1 billion this quarter 'via private placement to an affiliate of the Public Investment Fund . Lucid CEO Peter Rawlinson has said that the company's finances are 'dominated' by investments in its future.