Electric vehicle maker Lucid reports third-quarter loss but stands by production guidance
on Tuesday reported that it lost $530 million in the third quarter and confirmed that it's still on track to make between 6,000 and 7,000 of its Air luxury sedans in 2022.$195.5 million, versus $232,000 in the year-ago quarter, when it was beginning production of the Air sedan.On Oct. 12, Lucid said that itand delivered 1,398 vehicles to customers in the third quarter.
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 hadover 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lucid Motors Sues Texas Over Dealership RightsCould this case set a precedent for direct manufacturer-to-customer dealerships?
Read more »
Lucid Sues Texas Over Direct Sales BanLucid is challenging the Texas dealer franchise law in federal court, arguing that is anti-competitive and unfair to consumers.
Read more »
Electric Boat Maker X Shore Speaks With CleanTechnica About Its New Vessel & The Company's FutureElectric Boat Maker X Shore Speaks With CleanTechnica About Its New Vessel & The Company’s Future
Read more »
Tesla Releases Fix to Address Recall of 40,000 U.S. VehiclesTesla has released a firmware update to address the recall of about 40,000 2017-2021 Model S and Model X autos over a power-steering issue
Read more »
Need Some Inspiration for EV-Converting Your Classic Car? These SEMA Builds Might HelpThese EV builds and full battery electric conversions show how good the future looks for enthusiasts.
Read more »
Davinci Motor DC100 Electric Motorcycle To Debut At EICMA 2022Davinci Motor Corporation will be launching the futuristic Davinci DC100 electric motorcycle, the first electric motorcycle designed
Read more »