Photo: Lucid
Lucid is one of the EV startups trying to follow Tesla as a successful company, despite the economic difficulties and supply chain problems. The financial results for the third quarter show Lucid is still far from replicating Tesla’s success, although it remains on target to meet the production goal this year.
According to the Q3 2022 financial results, Lucid recorded a $670 million net loss. Nevertheless, the EV startup sold 1,398 Lucid Air cars in the quarter, raising the revenue to $196 million. Although the financial analysts were far from satisfied with the results, Lucid CEO Peter Rawlinson maintained a positive tone, reiterating the production goal of 6,000-7,000 units by the end of the year.
Remember that this production target was trimmed twice from the 20,000 units initially planned. The first adjustment came in spring, with the production target slashed to 12,000-14,000 vehicles. In August, Lucid again cut the production target to 6,000-7,000 units. If company officials are right, this goal is achievable.
The company is still struggling with parts shortages but will manage to assemble the promised number of vehicles. Lucid has reached a production pace of 300 cars per week, contributing to the record number of Lucid Air completed in the quarter. Nevertheless, Rawlinson warned that more production cuts are expected as various parts shortages might halt the production line, even briefly.
“We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” Rawlinson said during the earnings call. “I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week.”
Lucid still has 34,000 reservations for the Air, as confirmed by the company’s CFO, Sherry House. The company is also preparing to open the reservations book for its second model, the Project Gravity SUV, early next year. The SUV should greatly extend Lucid’s addressable market, provided the production can catch up. The lineup will also gain more affordable variants of the Air electric sedan soon, including the $89,050 Air Pure.
Remember that this production target was trimmed twice from the 20,000 units initially planned. The first adjustment came in spring, with the production target slashed to 12,000-14,000 vehicles. In August, Lucid again cut the production target to 6,000-7,000 units. If company officials are right, this goal is achievable.
The company is still struggling with parts shortages but will manage to assemble the promised number of vehicles. Lucid has reached a production pace of 300 cars per week, contributing to the record number of Lucid Air completed in the quarter. Nevertheless, Rawlinson warned that more production cuts are expected as various parts shortages might halt the production line, even briefly.
“We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” Rawlinson said during the earnings call. “I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week.”
Lucid still has 34,000 reservations for the Air, as confirmed by the company’s CFO, Sherry House. The company is also preparing to open the reservations book for its second model, the Project Gravity SUV, early next year. The SUV should greatly extend Lucid’s addressable market, provided the production can catch up. The lineup will also gain more affordable variants of the Air electric sedan soon, including the $89,050 Air Pure.
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