California-based automaker Lucid reported third quarter outcomes on Tuesday, and the numbers aren’t nice. The firm introduced that it constructed 1,550 Air sedans in Q3, and delivered 1,456 to prospects. Each of these vehicles delivered accounted for $433,000 value of crimson ink on the corporate’s stability sheets, which is especially tough because the automotive has a beginning value of simply $77,400.
Lucid entered 2023 with a purpose of promoting round 14,000 vehicles, however waning demand for the EV sedan is inflicting Lucid to cut back expectations to only 8,500-ish models with simply October, November, and December left to be accounted for. The firm is dashing to get its Gravity electrical SUV to market earlier than later, because it is aware of competitor Tesla sells about twice as many Model Y crossovers because it does Model 3 sedans.
In the third quarter Lucid reported simply $137.8 million in income and web losses of a whopping $630.9 million. Not solely is income down from the identical interval final yr ($195.5 million), however losses are up as nicely. Across the primary 9 months of the yr Lucid has burned by way of 2.17 billion {dollars}, up from the 1.83 billion {dollars} it incinerated in the identical interval in 2022.
While the corporate is in tough form proper now, issues are beginning to lookup for the automaker. Not solely did it launch the new quarter-million greenback, 1,200 horsepower flagship Air Sapphire in October, however it additionally debuted a brand new base mannequin at a brand new low value, the $77,400 Air Pure RWD. The Gravity also needs to debut on the Los Angeles Auto Show later this month. It additionally inked a cope with British automaker Aston Martin to offer EV powertrains for its upcoming electrical initiatives. The firm additionally constructed a brand new manufacturing facility in Saudi Arabia.
“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,” mentioned 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.”
Things will most likely worsen for the automaker earlier than they get higher. The Q3 report additionally states that Lucid has about $5.5 billion of liquidity runway, so it’s not at risk of going stomach up any time quickly, however it actually has to hope the Gravity is a gross sales success, and it could actually ramp up manufacturing throughout the board.
Source: jalopnik.com