Lucid Group: Initiation of Coverage – These Are The 3 Biggest Challenges On The Road Ahead For This EV Maker! 

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its
journey toward becoming a leading electric vehicle manufacturer. The company, under the leadership of CEO
Peter Rawlinson, continues to make significant strides in technology and production capabilities. The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered. This growth was primarily fueled by strong demand in North America. Revenue also saw a substantial increase, reaching approximately $200.6 million, up 32.9% year-over-year. Despite these positive trends in sales and revenue, Lucid Group reported a gross margin that remained flat as compared to the first quarter, largely impacted by pricing actions taken earlier in the year and a special provision related to a warranty campaign.