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Lucid Motors, the prominent California-based electric vehicle manufacturer renowned for its Air Sedan, has disclosed a challenging financial scenario in its latest report. The company revealed a distressing figure of over $430,000 in losses for every car sold during the third quarter of this year.
In the third quarter, Lucid reported a total revenue of $137.8 million, reflecting a decline from $195.5 million in the same period last year. The real concern emerges when assessing the net losses, which soared to nearly $630.9 million – an alarming $100 million increase from the previous year, all while managing to deliver only 1,456 vehicles.
This translates to an astounding loss of approximately $433,000 for each vehicle sold. While it represents an improvement compared to the $544,000 loss per vehicle reported in the second quarter, it remains a substantial sum, especially considering the fact that Lucid's most expensive vehicle costs around $250,000.
During Q3 2023, Lucid produced 1,550 electric vehicles, a figure that pales in comparison to the peak of 3,493 units achieved in the fourth quarter of the previous year. Consequently, the company has been forced to revise its production outlook for the year, lowering it to 8,000 to 8,500 units from the earlier target of 10,000 to 14,000 cars.
The financial picture for the first nine months of this year is equally grim, with Lucid reporting losses amounting to $2.17 billion, up from the $1.83 billion recorded in the corresponding period of 2022.
Despite these financial struggles, Lucid remains committed to its mission. The company concluded the last quarter with $5.45 billion in liquidity, which is expected to support the launch of its second model, the Gravity SUV. Lucid's Chief Financial Officer, Sherry House, confirmed this, underscoring the company's commitment to growth.
During this challenging period, Lucid continued to expand its product lineup by introducing the Air Sapphire flagship and Air Pure RWD versions of its zero-emission sedan. The company also celebrated the opening of a new manufacturing plant in Saudi Arabia and secured a significant deal with Aston Martin to supply the British automaker with its electric powertrain.
Lucid's CEO & CTO, Peter Rawlinson, acknowledged the challenges the company is facing but remained optimistic about the future. He pointed to the upcoming world premiere of the Lucid Gravity SUV at the LA Auto Show, scheduled for the following week. The Gravity SUV is poised to redefine the electric SUV segment and is set to commence production in late 2024.
The Lucid Gravity SUV is anticipated to share several drivetrain components with the Air sedan, allowing for a range of power options, from one to three electric motors, and power outputs ranging from 430 to 1,234 horsepower, in line with the capabilities of the Air sedan.