The luxury EV automaker continues to make solid progress.
Luxury EV automaker Lucid Motors is undoubtedly in a better financial and production position today than a year ago, but hurdles remain. Among them is the just-announced third-quarter net loss of $670 million.
Q3 revenue, meanwhile, came in at $195.5 million thanks, in part, to customer deliveries consisting of 1,398 vehicles. Demand for the Air sedan remains extremely strong, with 34,000 reservations. If - and that's a big if - all of those reservations are converted to sales, that's potential sales worth over $3.2 billion.
Lucid aims to open reservations for its second model early next year. A total of 300 cars are being produced weekly. As of now, Lucid reports it has around $3.85 billion in cash, cash equivalent, and other investments on hand. This should be sufficient to keep things up and running into the fourth quarter of 2023.
"I'm delighted to say that we've made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2," said Peter Rawlinson, Lucid's CEO and CTO.
A couple of months ago, Lucid announced a new filing with the Securities and Exchange Commission (SEC) with the goal of raising up to $8 billion in primary capital over the next three years. Specifics on how it aims to do so have yet to be announced.
Like fellow all-electric EV automakers Tesla and Rivian, Lucid has found itself in some legal battles with certain US states over its direct-to-consumer sales model.