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Electrical car start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first vehicles for patrons has began at its manufacturing unit in in Casa Grande, Arizona.
Lucid
Electrical car maker Lucid Group on Tuesday reported that it misplaced $530 million within the third quarter however confirmed that it is nonetheless on observe to make between 6,000 and seven,000 of its Air luxurious sedans in 2022.
The corporate additionally revealed plans to boost $1.5 billion from buyers, together with a big new funding from Saudi Arabia’s public wealth fund, which at the moment owns about 60% of Lucid.
Shares have been down over 13% in after-market buying and selling.
This is what the corporate reported:
- Income: $195.5 million, versus $232,000 within the year-ago quarter, when it was starting manufacturing of the Air sedan.
- Loss per share: 40 cents, versus a lack of 43 cents within the year-ago interval.
On Oct. 12, Lucid mentioned that it produced 2,282 autos and delivered 1,398 autos to clients within the third quarter. CFO Sherry Home advised CNBC in an interview that lots of the remaining autos are in transit to clients, and that the corporate’s manufacturing totals might exceed deliveries for the following few quarters because it ramps up manufacturing.
Lucid additionally confirmed that it plans to open reservations for its subsequent car, an electrical luxurious SUV previewed by its Challenge Gravity present car, early subsequent 12 months.
Lucid mentioned that it had “over 34,000” reservations as of Nov. 7. When it final reported its reservation complete, on Aug. 3, it had “over 37,000” buyer reservations. Lucid mentioned in April that Saudi Arabia’s authorities had agreed to purchase as much as 100,000 of its autos over the following 10 years; these autos aren’t included within the reservation totals.
The corporate mentioned it ended the third quarter with $3.85 billion of money, down from $4.6 billion as of June 30. Its plan to bolster its reserves by about $1.5 billion embody $915 million from a sequence of recent investments by Saudi Arabia’s public wealth fund, and $600 million through a standard secondary inventory providing. The funding spherical is structured to maintain the Saudi public wealth fund’s stake in Lucid at its present stage.
Lucid confirmed that it is nonetheless on observe to satisfy the revised manufacturing steerage it first gave in August, when it mentioned that it expects to provide between 6,000 and seven,000 autos in 2022, regardless of ongoing supply-chain disruptions.
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