Lucid Group Inc. reported for the third quarter a net loss of $670 million but reiterated its goal of producing 6,000 to 7,000 units of its Air electric sedan this year after dealing with supply chain issues and growth challenges as an EV startup.
The the value of the company’s shares fell 13 percent to $11.79 in after-hours trading after Lucid reported results.
The automaker reported a profit of $196 million in the quarter, compared with just $232,000 a year earlier, the company said. Lucid is running sedan Air in the fourth quarter of 2021 from its Arizona factory, but has repeatedly lowered its production targets.
“I am pleased to say that we have made significant progress towards our 2022 production target,” CEO Peter Rawlinson said in a statement after the market closed on Tuesday.
The automaker’s original production target for 2022 was 20,000 vehicles.
“We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, more than double Q2,” Rawlinson said. “I am also pleased to announce that we have now proven our ability to produce 300 cars a week.”
Lucid also said it will open reservations for its second car next year, with deliveries starting in 2024.
“We continue to have strong demand with over 34,000 bookings as of 7 November 2022,” said Sherry House CFO. “We plan to open bookings for the Project Gravity SUV in early 2023, which we believe will open up a very large and growing addressable market.”
The EV startup launched last year with the limited-edition Air Dream Edition starting at $170,500 with delivery before the Air Grand Touring debuts with a starting price of $155,650.
Lucid said it will release two new versions of the Air at an event on November 15 in Los Angeles. The new trims are the Air Pure, starting at $89,050 with delivery, and the Air Touring, starting at $109,050.
Lucid said in a press release last week: “The online event will also include exciting announcements about Lucid’s business and future models, including the Project Gravity SUV, which redefines the luxury SUV.”
https://www.autonews.com/automakers-suppliers/lucid-q3-earnings-net-loss-670m
