Lucid Delivered 1,457 Cars in Q3, Lowers Production Targets Again
Lucid Group has announced its third-quarter financial results, with revenues reaching $137.8 million, attributed to the delivery of 1,457 vehicles, below Wall Street expectations of over 2,275 cars delivered and $177 million revenue.
The company has begun production of the Lucid Air Pure RWD and Lucid Air Sapphire, completing its Lucid Air series. Amidst these developments, Lucid has revised its 2023 production forecast down from over 10,000 vehicles to between 8,000 and 8,500, citing alignment with delivery capabilities.
Lucid continues to lose money with Q3 seeing a loss of $631 million, a 19% increase compared to the year ago quarter. The company lost just over $433,000 USD for every Lucid Air EV sedan sold.
The EV maker has transitioned to the second phase of its Arizona factory for general assembly production and has inaugurated its first facility in Saudi Arabia. This expansion comes alongside the appointment of Marc Winterhoff as Chief Operating Officer, tasked with overseeing Lucid’s global operations.
“We delivered on our commitments to complete the Lucid Air lineup on time with Pure RWD and Sapphire, transition general assembly to our Phase 2 factory in Arizona, and open our first plant in Saudi Arabia. We recognize we still have work to do on our customer journey and deliveries,” said Peter Rawlinson, Lucid’s CEO & CTO. “Next week, we look forward to the world premiere of the Lucid Gravity, our amazing vehicle that will redefine the electric SUV. Gravity remains on track to begin production in late 2024.”
The company concluded the quarter with substantial liquidity, which is expected to support the production of the Lucid Gravity and sustain the company into 2025. How much longer can Lucid sustain these losses per vehicle?
Yesterday, Lucid announced it would adopt Tesla’s North American Charging Standard, joining a majority of other automakers aside from Stellantis and Volkswagen.