Electric vehicle start-up Lucid on Sept. 28, 2021 said production of its first cars for customers has started at its factory in in Casa Grande, Arizona.
Lucid
Electric vehicle maker Lucid Group on Tuesday reported a loss for the third quarter but confirmed that it’s still on track to make between 6,000 and 7,000 of its Air luxury sedans in 2022.
Shares were down 3% in after-market trading.
Here’s what the company reported:
- Revenue: $195.5 million
- Loss per share: 40 cents
On Oct. 12, Lucid said that it produced 2,282 vehicles and delivered 1,398 vehicles to customers in the third quarter. CFO Sherry House told CNBC in an interview that many of the remaining vehicles are in transit to customers, and that the company’s production totals may exceed deliveries for the next few quarters as it ramps up production.
Lucid also confirmed that it plans to open reservations for its next vehicle, an electric luxury SUV previewed by its Project Gravity show vehicle, early next year.
Lucid said that it had “over 34,000” reservations as of Nov. 7. When it last reported its reservation total, on Aug. 3, it had “over 37,000” customer reservations. Lucid said in April that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next 10 years; those vehicles aren’t included in the reservation totals.
The company said it ended the third quarter with $3.85 billion of cash, down from $4.6 billion as of June 30.
Lucid told investors in August that it expects to deliver between 6,000 and 7,000 vehicles in 2022, down from its earlier forecast of 12,000 to 14,000 vehicles. It reiterated that lowered expectation in October and confirmed it again on Tuesday.
