Ahead of its call with investors this afternoon, Lucid Motors has posted its Q1 2024 financial results. The numbers aren’t mind-blowing, but the American automaker is making slow improvements in EV deliveries and revenue as it gears up to launch its second model later this year.
Today’s full Q1 2024 financial report follows a peek at delivery numbers Lucid Motors ($LCID) made public in April. The American EV automaker reported record deliveries of its Air sedan to date, sending 1,967 vehicles to customers in the first three months of the year.
That metric bested its previous delivery record of 1,932 units in Q4 2022 and is up 13% compared to Q4 2023 (1,734 deliveries). That being said, Air production is significantly down following a dawdling demand for its lone model, which recently saw some 2024 model year updates and lower pricing.
Lucid produced a mere 1,727 BEVs in Q1 2024, down from 2,391 units in Q4 2023 (-27%). Still, Lucid Motors remains quite liquid following a fresh raise of private funds and has expressed confidence that it can remain on track to hit its production guidance for the entire year.
The 2024 Lucid Air Touring / Source: Scooter Doll
Lucid reports nearly $173 million in revenue in Q1 2024
You can check out the full Q1 2024 financial breakdown from Lucid Motors ahead of this afternoon’s call with investors, but here are some notable figures. Q1 revenue was $172.7 million year-over-year, up from $149.4 million in Q1 2023.
Operational losses were $729.9 million, down from $772.2 million a year ago, and net losses were $680.9 million, down YOY from $779.5 million. With the $1 billion investment from the Saudi Arabian Public Investment Fund (PIF), Lucid relayed that at the end of Q1 2024, it remains quite liquid with approximately $5.03 billion. Lucid CEO and CTO Peter Rawlinson elaborated:
I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF. Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.
Gravity is expected to begin deliveries before the end of the year and could contribute to Lucid’s production numbers. The automaker said it remains on track to produce approximately 9,000 BEVs in 2024. For comparison, Lucid Motors built 8,428 EVs in 2023.
Gravity will be followed by a third model, currently codenamed “Mid-size,” which will be available in at least two variations and has the potential to be a true competitor to companies like Tesla and Rivian.
Gagan Dhingra, Lucid’s interim chief financial officer and principal accounting officer, also spoke about the automaker’s progress
We continue to make significant progress on our cost optimization programs. We’re focused on significant growth as we enter the next transformational phase of Lucid’s end markets while simultaneously driving cost discipline.
You can tune into the live webcast with investors discussing Lucid’s Q1 2024 numbers here.
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bp pulse is continuing to roll out public DC fast charging across the US, and the company has opened its first-ever site in Arizona, along with new fast-charging locations in Texas, Florida, and Ohio.
In Arizona, bp pulse’s first site is now online at the Petro Travel Center in Eloy, just off Interstate 10 at Exit 200 (pictured). The location features 16 charging bays delivering up to 400 kilowatts, with both CCS and NACS connectors available. While charging, drivers can take advantage of the travel center’s onsite diner, convenience store, ATM, barber shop, and restrooms.
In South Florida, bp pulse’s new fast-charging site is at 2400 Miami Road in Fort Lauderdale, about three miles from Fort Lauderdale–Hollywood International Airport. The site features 16 charging bays, offering a mix of 150 kW and 400 kW speeds, with both CCS and NACS connectors. Its proximity to the airport makes it a handy stop for ride-hail drivers, EV rental returns, and airport pickups and drop-offs, with hotels, restaurants, and convenience stores nearby.
Texas is also getting more high-power charging, with a new bp pulse site at the Petro Travel Center in El Paso, located off Interstate 10 at Exit 37. This location offers 12 charging bays capable of delivering up to 400 kW, again with both CCS and NACS connectors. Drivers can take advantage of the diner, convenience store, barber shop, and restrooms while they charge.
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In Ohio, bp pulse has opened a smaller but still high-powered site at a TravelCenters of America location in Hebron, just off Interstate 70 at Exit 126. The site includes six 400 kW charging bays with CCS and NACS connectors, along with access to a convenience store, fast-food options, and restrooms.
These openings are part of bp pulse’s broader plan to build out EV charging across bp’s retail footprint, including bp, Amoco, ampm, Thorntons, and TravelCenters of America locations. Many of those sites are designed to combine fast charging with food, restrooms, and other travel amenities. bp has also said it plans to begin adding EV chargers at Waffle House locations starting in 2026.
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The Cadillac Lyriq and Chevy Blazer EV were among the vehicles that saw the biggest lease price drops in December.
Cadillac and Chevy EV lease prices drop in December
With the $7,500 federal EV tax credit now gone, automakers are filling the gap with their own incentives. Some are passing on the savings as bonus cash, conquest cash, lease discounts, and more.
Two General Motors electric SUVs, the Chevy Blazer EV and the Cadillac Lyriq, had some of the largest lease price drops of any vehicle in December.
The 2026 Cadillac Lyriq AWD Luxury model is now listed at $439 per month for 24 months. With $4,979 due at signing, the effective rate is $646, or $28 less per month than in November.
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That’s after the Lyriq already saw prices drop by $115 a month from October. However, the December deal includes a $2,000 competitive bonus for owners and lessees of a 2011 model year or newer non-GM vehicle.
The 2026 Cadillac Lyriq Luxury (Source: Cadillac)
The 2026 Chevy Blazer EV FWD LT is now available to lease for as low as $319 a month for 24 months. With $6,039 due at signing, the effective rate is $571 per month, about $60 less than in November. The deal includes a $750 competitive bonus and $1,000 customer cash allowance.
Chevy and Cadillac are offering discounts across their entire EV lineup. All 2025 Chevy electric vehicles, including the Blazer EV, Equinox EV, and Silverado EV, are available with 0% APR financing for 60 months.
Intestingly, the 2026 Chevy Equinox EV is also available with 0% APR financing, while the 2026 Blazer EV is listed with 1.9% APR for 36 months.
Cadillac is offering a $2,000 conquest or loyalty bonus for the 2026 Cadillac Vistiq and select 2025/2026 Optiq and Lyriq models, plus 2.9% APR for 60 months.
The 2026 Cadillac Optiq is available to lease for as low as $319 per month for 24 months, while the 2026 Vistiq is available to lease for $619 per month for 24 months.
Want to try one out? We’ve got you covered. Check out the links below to see what Cadillac and Chevy EVs are nearby.
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Electric vehicle prices edged lower and incentives jumped in November, but the month still saw a sales slowdown as the US EV market continues to hunt for a new normal.
Initial estimates from Kelley Blue Book show that EV sales came in at just over 70,000 units in November, more than 40% lower than a year ago and about 5% below October’s level.
The average transaction price (ATP) for a new EV in November was $58,638. That’s up 3.7% year-over-year but down 0.8% from October. Incentives told a different story: Discounts averaged 13.3% of ATP, which is lower than in November 2024 but jumped 20.1% compared to October.
Tesla continued to feel the pressure. The automaker’s ATP was $54,310 in November – down 1.7% from the same period a year ago but up 1.5% month-over-month. Sales declined for the second straight month and were down 22.7% year-over-year, mainly because of a drop in Model 3 demand.
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Model 3 sales slid 42.1% compared to November 2024 and fell 11.9% from October. Meanwhile, the Model Y, still the best‑selling EV in the US, saw prices increase 0.9% year-over-year and month-over-month. Model Y sales were slightly lower than last November, down 0.5%, but rose 2.5% compared to October.
The Tesla Cybertruck showed signs of cooling. Once the best‑selling vehicle priced above $100,000, Cybertruck sales fell to 1,194 units in November, the lowest monthly total of 2025 so far. Its average price was $94,254, higher both year-over-year and compared to October.
Taken together, the numbers paint a picture of an EV market in transition: prices are easing, incentives are rising, but buyers are still holding back as the industry tries to settle into its next phase.
Cox Automotive executive analyst Erin Keating said, “It’s important to remember that the KBB ATP is a measure of what is bought, not what is available. Nearly half of new-vehicle buyers are over the age of 55 and in their peak earning years. These buyers are more likely shopping for a high-end SUV, not something cheap and cheerful. In November, the over-$75,000 price point saw more volume than under-$30,000.”
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Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad
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