Summary by Futu AI
Lucid Group, a technology company known for its Lucid Air electric vehicle, has reported a 33% increase in revenue to $200.581 million for the three months ended June 30, 2024, compared to the same period in 2023. The company's net revenue for the six months ended June 30, 2024, also rose by 24% to $373.321 million. Despite the increase in revenue, Lucid Group experienced a decrease in cost of revenue by 15% and 17% for the three and six months respectively, primarily due to lower inventory write-downs and losses from firm purchase commitments. Operating expenses increased by 20% to $517.643 million for the three months and by 19% to $1.015 billion for the six months, driven by research and development and selling, general, and administrative expenses. Lucid Group also announced a restructuring plan...Show More