Lucid Misplaced $670 Million In The Third Quarter However May Hit Deliveries Objective

Lucid has produced a really compelling electrical automobile with the Air however is rapidly studying that earning profits as a automobile producer isn’t simple.

The electrical automobile producer has reported a third-quarter internet lack of some $670 million, prompting a 13 p.c drop within the firm’s inventory value to $11.79 in after-market buying and selling. In additional constructive information, the corporate did report income of $196 million within the quarter, considerably larger than the $232,000 that it reported in Q3 2021.

Learn: Entry-Stage Lucid Air Pure Begins At $89,050, A Entire Lot Extra Than The $69,900 Promised In 2020

Whereas it’s not near turning a revenue, Lucid mentioned that it stays on monitor to hit its goal of manufacturing between 6,000 and seven,000 automobiles this yr. It additionally revealed that it has greater than 34,000 reservations for the Air, representing potential gross sales of over $3.2 billion. This determine doesn’t embody the as much as 100,000 automobiles that can be bought by the federal government of Saudi Arabia.

“I’m delighted to say that we’ve made vital progress towards reaching our 2022 manufacturing goal of 6,000-7,000 automobiles,” Lucid chief govt and chief know-how officer Peter Rawlinson mentioned. “We had report quarterly manufacturing of two,282 automobiles, greater than triple Q2, and deliveries of 1,398, which was greater than double Q2. I’m additionally happy to announce that we’ve now confirmed our capacity to supply 300 automobiles per week, with a visual pathway to our subsequent incremental ramp up.”

The deal with the ramp up in manufacturing and deliveries of the Air hasn’t distracted Lucid from its deliberate second mannequin. Chief monetary officer Sherry Home revealed that Lucid plans to open reservations for the all-electric Undertaking Gravity SUV in early 2023 and believes it “will unlock a really massive and incremental addressable market.”

Lucid expects to start deliveries of the SUV in 2024. Earlier than that, it’s going to formally launch the Air Pure and Air Touring on November 15, beginning at $89,050 and $109,050 respectively.