Lucid Burned $433,000 For Each Automotive It Offered In Q3, Experiences $2.17 Billion In Losses So Far This 12 months

California-based automaker Lucid reported third quarter outcomes on Tuesday, and the numbers aren’t nice. The corporate introduced that it constructed 1,550 Air sedans in Q3, and delivered 1,456 to prospects. Every of these automobiles 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 worth of simply $77,400.

Lucid entered 2023 with a purpose of promoting round 14,000 automobiles, however waning demand for the EV sedan is inflicting Lucid to scale back expectations to only 8,500-ish items with simply October, November, and December left to be accounted for. The corporate is speeding to get its Gravity electrical SUV to market before later, because it is aware of competitor Tesla sells about twice as many Mannequin Y crossovers because it does Mannequin 3 sedans.

Within the third quarter Lucid reported simply $137.8 million in income and internet losses of a whopping $630.9 million. Not solely is income down from the identical interval final 12 months ($195.5 million), however losses are up as properly. Throughout the primary 9 months of the 12 months Lucid has burned by 2.17 billion {dollars}, up from the 1.83 billion {dollars} it incinerated in the identical interval in 2022.

Whereas 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 worth, the $77,400 Air Pure RWD. The Gravity also needs to debut on the Los Angeles Auto Present later this month. It additionally inked a cope with British automaker Aston Martin to supply EV powertrains for its upcoming electrical initiatives. The corporate additionally constructed a brand new manufacturing facility in Saudi Arabia.

“We delivered on our commitments to finish the Lucid Air lineup on time with Pure RWD and Sapphire, transition normal meeting to our Part 2 manufacturing facility in Arizona, and open our first plant in Saudi Arabia. We acknowledge we nonetheless have work to do on our buyer journey and deliveries,” stated Peter Rawlinson, Lucid’s CEO & CTO. “Subsequent week, we sit up for the world premiere of the Lucid Gravity, our wonderful automobile that can redefine the electrical SUV. Gravity stays on monitor to start manufacturing in late 2024.”

Issues will in all probability 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 in peril of going stomach up any time quickly, however it actually has to hope the Gravity is a gross sales success, and it might ramp up manufacturing throughout the board.