Lucid, the California-based electrical automobile firm that makes the Air Sedan, misplaced over $430,000 for each automobile it offered within the third quarter of this yr, in response to the agency’s newest monetary report.
In Q3, Lucid reported a income of $137.8 million, down from $195.5 million in the identical interval final yr. However this is the place issues get a bit messy as a result of web losses amounted to nearly $630.9 million, $100 million greater than final yr, all whereas delivering 1,456 automobiles.
That is roughly $433,000 misplaced on each automobile offered. Granted, it is higher than the $544,000 loss reported on each automobile offered in Q2, however it’s nonetheless an enormous amount of cash contemplating the costliest automobile offered by the marque prices about $250,000.
Lucid manufactured 1,550 EVs in Q3 2023, which is lower than half of the three,493-unit peak recorded within the fourth quarter of final yr. With all this being stated, the corporate revised its manufacturing steerage for this yr to eight,000 – 8,500 models, down from the earlier aim of 10,000 – 14,000 automobiles.
Within the first 9 months of this yr, the corporate’s losses reached $2.17 billion, up from the $1.83 billion recorded in the identical interval in 2022.
The Californian carmaker ended the final quarter with $5.45 billion in liquidity, which can assist it launch its second mannequin, the Gravity SUV, in response to the corporate’s chief monetary officer Sherry Home.
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Lucid additionally launched the Air Sapphire flagship and Air Pure RWD variations of its zero-emissions sedan, opened a plant in Saudi Arabia, and closed a take care of Aston Martin to produce the British automaker with its electrical powertrain.
“We delivered on our commitments to finish the Lucid Air lineup on time with Pure RWD and Sapphire, transition common meeting to our Part 2 manufacturing facility in Arizona, and open our first plant in Saudi Arabia. We acknowledge we nonetheless have work to do on our buyer journey and deliveries,” stated Peter Rawlinson, Lucid’s CEO & CTO. “Subsequent week, we stay up for the world premiere of the Lucid Gravity, our wonderful automobile that can redefine the electrical SUV. Gravity stays on observe to start manufacturing in late 2024.”
The Lucid Gravity SUV will debut on the LA Auto Present subsequent week and is predicted to share a lot of its drivetrain parts with the Air sedan. Which means it might be powered by one, two, or three electrical motors, relying on trim, whereas the facility output must be between 430 and 1,234 horsepower, identical to the Air.