Lucid Motors announced its Q3 earnings on Tuesday, noting it saw $195.5 million in revenue but suffered a net loss of $530 million.
As for quarterly production, Lucid said it made a record 2,282 cars, a number that’s three times the previous quarter. The company delivered 1,398 cars in Q3.
Lucid said it’s still on pace to produce between 6,000 to 7,000 Lucid Air sedans in 2022 and noted “strong demand” with over 34,000 reservations, which represents potential sales of over $3.2 billion.
“I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement. “I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up.”
“We continue to have strong demand with over 34,000 reservations as of November 7, 2022,” said Sherry House, Lucid’s CFO. “We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp.”
Also, new Project Gravity SUV reservations will launch in early 2023.
Lucid ended its Q3 with $3.85 billion of cash, down from $4.6 billion as of Q2. The company will raise over $1.5 billion which includes $915 million from Saudi Arabia’s public wealth fund, plus another $600 million through a secondary stock offering.
Shares of Lucid Motors are down nearly 12% in after-hours trading.
