Every time Lucid Group Inc or Rivian Automotive Inc sells an electric car, they are losing hundreds of thousands of dollars due to staggering raw material and production costs, their latest earnings statements showed.
sells an electric car, they are losing hundreds of thousands of dollars due to staggering raw material and production costs, their latest earnings statements showed.
Lucid's cost of revenue surged to $492.5 million in the July-September quarter from $3.3 million a year earlier, and itsThe company, which went public a little over a year ago and is backed by Saudi Arabia's Public Investment Fund, saw its market value shrivel by two-thirds this year to about $20 billion from $95 billion at its peak in November 2021.
"I'm not going to sit here and tell you it's not a difficult time," Avinash Rugoobur, president of Britain's Arrival SA told Reuters on Friday.
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