Lucid (LCID) earnings Q3 2022

Electrical car or truck get started-up Lucid on Sept. 28, 2021 said generation of its first vehicles for buyers has started off at its factory in in Casa Grande, Arizona.


Electric automobile maker Lucid Team on Tuesday noted that it shed $530 million in the third quarter but verified that it really is continue to on track to make between 6,000 and 7,000 of its Air luxury sedans in 2022.

The corporation also disclosed plans to increase $1.5 billion from investors, including a important new expenditure from Saudi Arabia’s community prosperity fund, which presently owns about 60% of Lucid.

Shares were down in excess of 13% in soon after-market place trading.

Here’s what the company documented:

  • Earnings: $195.5 million, vs . $232,000 in the yr-in the past quarter, when it was beginning generation of the Air sedan.
  • Loss for each share: 40 cents, as opposed to a reduction of 43 cents in the 12 months-in the past period of time.

On Oct. 12, Lucid mentioned that it manufactured 2,282 automobiles and sent 1,398 automobiles to clients in the third quarter. CFO Sherry Property explained to CNBC in an job interview that several of the remaining autos are in transit to shoppers, and that the company’s output totals could exceed deliveries for the upcoming handful of quarters as it ramps up manufacturing.

Lucid also confirmed that it programs to open reservations for its subsequent motor vehicle, an electric powered luxurious SUV previewed by its Task Gravity display car or truck, early up coming year.

Lucid mentioned that it experienced “above 34,000” reservations as of Nov. 7. When it final documented its reservation complete, on Aug. 3, it experienced “over 37,000” purchaser reservations. Lucid explained in April that Saudi Arabia’s authorities had agreed to buy up to 100,000 of its vehicles over the subsequent 10 years people motor vehicles aren’t involved in the reservation totals.

The enterprise mentioned it finished the third quarter with $3.85 billion of income, down from $4.6 billion as of June 30. Its plan to bolster its reserves by about $1.5 billion consist of $915 million from a collection of new investments by Saudi Arabia’s general public prosperity fund, and $600 million by means of a traditional secondary inventory providing. The funding spherical is structured to continue to keep the Saudi general public prosperity fund’s stake in Lucid at its latest amount.

Lucid confirmed that it is really however on keep track of to fulfill the revised creation advice it 1st gave in August, when it mentioned that it expects to develop between 6,000 and 7,000 autos in 2022, despite ongoing source-chain disruptions.