Lucid Group Inc reported a remarkable second quarter of 2024, with record production and delivery figures highlighting its growth momentum in the electric vehicle (EV) sector. The Company delivered 2,394 vehicles, marking a 70.5% increase year-over-year and 21.7% sequentially, driven by strong demand in North America. However, despite the positive delivery figures, Lucid faced significant challenges, including a gross loss of $269.8 million for the quarter, impacted by high costs and a substantial inventory impairment. With a focus on cost optimization and an upcoming shift towards the production of the Lucid Gravity SUV, management remains optimistic about the future, reiterating their commitment to achieving meaningful improvements in production efficiency and financial performance.