The EV maker Lucid Motors announced on Wednesday its second quarter financial results reporting $97.3 million of Revenue on deliveries of 679 vehicles and adjusted its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles.
The Company reported “strong customer demand for Lucid Air with reservations over 37,000 as of today”, representing potential sales of approximately $3.5 billion.
Wall Street expectations for Lucid were $147.05 million of revenue (a jump of 150% from Q1 2022) and an adjusted Q2 EPS loss of $0.34.
Lucid ended the quarter with $4.6 billion cash, cash equivalents, and investments, “which is expected to fund the company well into 2023”. In addition, Lucid reported first half production of 1,405 vehicles.
The company also announced the appointment of Steven David as Senior Vice President of Operations to lead operations encompassing supply chain, logistics, manufacturing, and quality.
“Mr. David brings decades of global experience and operational excellence from companies such as Stellantis and Chrysler, as he joins Lucid to build more efficient and scalable systems enabling the company to ramp production of its award-winning vehicles and expand its business worldwide,” Lucid said.
“I am delighted to announce that Steven David has joined Lucid as Senior Vice President of Operations,” said Peter Rawlinson, Lucid’s CEO and CTO. “Steven’s wealth of experience in manufacturing and operations will be a tremendous asset at Lucid. He will be based in Arizona at the center of our critical manufacturing and logistics operations. This role is of significance as we continue to scale the company with precision, quality, and speed.”
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Following the results, Lucid’s CEO Peter Rawlinson and CFO Sherry House will answer the most upvoted questions from shareholders regarding a possible partnership with Apple, the 2022 production guidance, the payout of dividends, and vehicles revamp.
Earlier this year, the company has lowered its production guidance to a range of 12,000 to 14,000 vehicles, down about 30% to 40% from its original target of 20,000 vehicles, noting supply chain constraints.
Recently, Lucid Motors Senior VP Eric Bach revealed in a recent interview with Driving Electric that the luxurious EV maker is developing entry-level new products. After the already known Gravity project — a seven-seater SUV that has been delayed until 2024 — the EV maker is working on a “mid-size” electric car to rival Tesla Model 3 in 2025-26.
Recently, Lucid announced the appointments of Evelyn Chiang, VP of Process Transformation, and Walter Ludwig, VP of Global Logistics. Evelyn worked at Tesla from August 2007 until the end of 2010 where she was VP of Supply Chain & IT and also the head of Tesla Roadster Operations, the company’s first model.