Lucid, the California-based electric vehicle company that makes the Air Sedan, lost over $430,000 for every car it sold in the third quarter of this year, according to the firm's latest financial report.
In Q3, Lucid reported a revenue of $137.8 million, down from $195.5 million in the same period last year. But here's where things get a bit messy because net losses amounted to almost $630.9 million, $100 million more than last year, all while delivering 1,456 vehicles.
That's roughly $433,000 lost on every car sold. Granted, it's better than the $544,000 loss reported on every vehicle sold in Q2, but it's still a massive amount of money considering the most expensive vehicle sold by the marque costs about $250,000.
Lucid manufactured 1,550 EVs in Q3 2023, which is less than half of the 3,493-unit peak recorded in the fourth quarter of last year. With all this being said, the company revised its production guidance for this year to 8,000 – 8,500 units, down from the previous goal of 10,000 – 14,000 cars.
In the first nine months of this year, the company's losses reached $2.17 billion, up from the $1.83 billion recorded in the same period in 2022.
The Californian carmaker ended the last quarter with $5.45 billion in liquidity, which will help it launch its second model, the Gravity SUV, according to the company's chief financial officer Sherry House.
Gallery: Lucid Air Sapphire
Lucid also launched the Air Sapphire flagship and Air Pure RWD versions of its zero-emissions sedan, opened a plant in Saudi Arabia, and closed a deal with Aston Martin to supply the British automaker with its electric powertrain.
"We delivered on our commitments to complete the Lucid Air lineup on time with Pure RWD and Sapphire, transition general assembly to our Phase 2 factory in Arizona, and open our first plant in Saudi Arabia. We recognize we still have work to do on our customer journey and deliveries," said Peter Rawlinson, Lucid's CEO & CTO. "Next week, we look forward to the world premiere of the Lucid Gravity, our amazing vehicle that will redefine the electric SUV. Gravity remains on track to begin production in late 2024."
The Lucid Gravity SUV will debut at the LA Auto Show next week and is expected to share many of its drivetrain components with the Air sedan. That means it could be powered by one, two, or three electric motors, depending on trim, while the power output should be between 430 and 1,234 horsepower, just like the Air.