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Lucid (LCID) earnings Q3 2022

Electrical automobile start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first automobiles for patrons has began at its manufacturing unit in in Casa Grande, Arizona.


Electrical automobile maker Lucid Group on Tuesday reported that it misplaced $530 million within the third quarter however confirmed that it is nonetheless on monitor to make between 6,000 and seven,000 of its Air luxurious sedans in 2022.

Shares have been down 9% in after-market buying and selling.

This is what the corporate reported:

  • Income: $195.5 million, versus $232,000 within the year-ago quarter, when it was starting manufacturing of the Air sedan.
  • Loss per share: 40 cents, versus a lack of 43 cents within the year-ago interval.

On Oct. 12, Lucid mentioned that it produced 2,282 vehicles and delivered 1,398 autos to clients within the third quarter. CFO Sherry Home instructed CNBC in an interview that lots of the remaining autos are in transit to clients, and that the corporate’s manufacturing totals could exceed deliveries for the subsequent few quarters because it ramps up manufacturing.

Lucid additionally confirmed that it plans to open reservations for its subsequent automobile, an electrical luxurious SUV previewed by its Mission Gravity present automobile, early subsequent 12 months.

Lucid mentioned that it had “over 34,000” reservations as of Nov. 7. When it final reported its reservation complete, on Aug. 3, it had “over 37,000” buyer reservations. Lucid mentioned in April that Saudi Arabia’s authorities had agreed to buy up to 100,000 of its vehicles over the subsequent 10 years; these autos aren’t included within the reservation totals.

The corporate mentioned it ended the third quarter with $3.85 billion of money, down from $4.6 billion as of June 30.

Lucid confirmed that it is nonetheless on monitor to satisfy the revised production guidance it first gave in August, when it mentioned that it expects to supply between 6,000 and seven,000 autos in 2022, regardless of ongoing supply-chain disruptions. CEO Peter Rawlinson instructed CNBC that Lucid now has the capability to make 300 autos per week, and that it expects to additional improve that manufacturing price within the coming months.

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