Lucid Motors Revs Up with Impressive Q3 Results
A Revenue Beat and Narrower Loss Set the Stage for Gravity SUV Launch
Electric vehicle manufacturer Lucid Motors has reported a stellar third quarter, exceeding revenue expectations and posting a narrower-than-anticipated loss. The company’s Q3 revenue reached $200 million, surpassing estimates of $196.3 million and significantly outpacing last year’s $137.8 million. Adjusted loss per share came in at $0.28, better than the expected $0.31, with adjusted EBITDA totaling a loss of $613.1 million, an improvement over the anticipated $634.4 million.
Production and Deliveries on Track
Lucid produced 1,805 vehicles in Q3, with deliveries reaching 2,781. The company remains committed to meeting its annual production guidance of 9,000 vehicles. CEO and CTO Peter Rawlinson emphasized the company’s momentum, stating, “Our third consecutive quarter of record deliveries demonstrates our continued growth.”
Gravity SUV Order Book Opens, Production Set to Begin
The highly anticipated Lucid Gravity SUV is now open for orders, with production slated to commence later this year. This landmark product is expected to significantly boost sales, with Rawlinson estimating the total addressable market for Gravity to be six times that of Lucid Air. The company’s Arizona plant will eventually have the capacity to produce 90,000 Gravity SUVs annually.
Strong Cash Position and Investor Support
Lucid ended the quarter with $5.16 billion in cash, providing a substantial runway for the company as it begins Gravity production. This amount does not include the $1.75 billion raised in a share sale earlier last month, which saw Saudi Arabia’s Public Investment Fund (PIF) maintain its 58.8% stake through its affiliate Ayar Third Investment Company. Interim CFO Gagan Dhingra expressed appreciation for the continued support from PIF and other institutional investors.
Gravity SUV Pricing and Efficiency
The Lucid Gravity SUV is expected to start at around $80,000 in the US, making it eligible for the federal EV tax credit. A key challenge for the company will be building the Gravity efficiently and at a cost below the sticker price. With its impressive Q3 results and strong cash position, Lucid Motors is poised to make a significant impact in the electric vehicle market.
Leave a Reply