Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Lucid Motors released on Thursday its third quarter financial results reporting a $992.47 million net loss despite record deliveries for its debut model between July and September. A year ago, the company had reported a net loss of $630.89 million.
Revenue came to $200.0 million, a slight drop from the 200.6 million reported between April and June but up 45% year over year.
As of the time of writing, Lucid shares are trading 4% higher at $2.32.
Last month, the company had said it expected its third-quarter revenue to range between $199 million and $200 million despite having delivered an additional 387 vehicles between July and September.
“We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum,” said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid.
“With our recent capital raise, we are pleased to have the continued support once again from both the Public Investment Fund and other institutional investors,” Dhingra added.
Lucid expects capital expenditures to reach “approximately $1.0 billion” this year while reiterating the annual production guidance of 9,000 units.
“Annual production guidance of approximately 9,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs,” Lucid stated.
The company reported a GAAP net loss per share of $(0.41) and a non-GAAP net loss per share of $(0.28) while it ended the third quarter with “approximately $5.16 billion
in total liquidity.”
The forecast was published shortly after the announcement of a public offering of 262,446,931 shares of its common stock which allowed the company to raise about $1.75 billion.
Lucid shares closed 3.9% higher on Thursday at $2.22 rebounding from the new all-time low of $2.02 reached earlier this week following the U.S. presidential election.
Earlier today, the company opened customer orders in the U.S. for its second model, the Lucid Gravity.
The Gravity lineup begins with the Grand Touring variant, available now for pre-order starting at $94,900. This higher-end trim is projected to deliver 828 horsepower and a projected range surpassing 440 miles, according to the EV maker.
The more affordable Touring version, starting at $79,900, is scheduled for production beginning in late 2025.
Written by Cláudio Afonso | LinkedIn | X
