Lucid Motors reported on Wednesday a net loss of $978.4 million for the third quarter, widening from the $855.3 million reported in the second quarter and $992 million a year ago.
Loss per share (EPS) was $2.65, while analysts expected $2.27, down from $2.80 a year before.
Revenue stood at $336.6 million, missing the Wall Street consensus compiled by FactSet, which expected $379.1 million.
Vehicle deliveries increased by 47% year over year in the third quarter to 4,078 vehicles as the lineup now includes both the Lucid Air sedan and the large SUV Lucid Gravity.
Production Guidance
Lucid announced it is trimming —again — its annual production guidance to 18,000 units, from a range of 18,000–20,000 units.
Uncertain supplies of rare earths have been affecting the EV industry over the last months.
Additionally, a fire at Lucid‘s aluminum supplier two months ago has also affected its production plans, according to the management.
The Newark-based manufacturer said it has increased the delayed draw term loan credit facility (DDTL) from $750 million to “approximately $2 billion” from Saudi Arabia’s sovereign wealth fund, Public Investment Fund.
Lucid said the move from its largest shareholder and main backer increases its total liquidity by $1.3 billion. As of September 30, total liquidity stood at $4.2 billion excluding the DDTL.
In an interview published in early October, Winterhoff said he was not aware of any plans of PIF to take the company private.
“I don’t know of any ambitions right now to take it private,” the interim CEO told Semafor.
Chief Product Depatures
Immediately after releasing the financial results, Lucid announced several changes in the leadership including the exit of its chief product Eric Bach.
Bach, who served as Senior Vice President of Product and Chief Engineer, is leaving the EV maker nearly eleven years after having joined and about 12-months before the company launches its third model.
“As part of these changes, Eric Bach, Senior Vice President of Product and Chief Engineer, has departed Lucid,” the company said in statement. “The company thanks him for his contributions over the past decade.”
Emad Dlala, another longtime executive at Lucid, will now also lead “all product development functions, including vehicle engineering, digital systems, and software.”
Previously, Dlala was only overseeing the powertrain division.
Erwin Raphael has been promoted to Senior Vice President of Revenue and will now lead global sales and service operations, Lucid said.
Additionally, the company appointed Marnie Levergood as its new Senior Vice President of Ǫuality succeeding Jerry Ford who has retired.
Stock Performance
On Monday, two days ahead of the financial results report, Lucid shares fell more than 6%, approaching the all time low at $15.25 reached in early September.
The record low was reached just two days after the 1-to-10 reverse stock split became effective, with shareholders concerned that the move could be driven by concerns of the Nasdaq minimum price requirement of $1.00.
Back then, the interim CEO denied the delisting concerns, saying the move aimed to increase the access of institutional shareholders while decreasing volatility.
Since its 2021 all-time high reached just shortly after going public, the stock has crashed 97%.
