Lucid cuts production guidance again as losses continue to mount

Lucid Motors has released its Q3 2023 earnings, and continuing a worrying trend seen throughout the year, the results were not positive. To go along with the weak financials, Lucid has again cut its production guidance for the year.

On the financial side of things, Lucid’s Q3 revenue amounted to $137.8 million, significantly below Wall Street’s projected $183.8 million. This was also 29.5% lower than the revenue Lucid reported in the same quarter last year. On the positive side, the company’s loss per share of 28 cents was better than the expected loss of 36 cents.

The lower than expected revenue resulted in a net loss of $631 million in the quarter, a 19% increase from the $530 million loss the company reported in the same quarter last year. Lucid said it ended the third quarter with approximately $5.45 billion in liquidity, enough for it to continue operating into 2025.

Lucid also lowered its 2023 production guidance for the second time this year. After originally hoping to build as many as 14,000 vehicles, Lucid says it will now only make between 8,000 and 8,500 vehicles in 2023 in order to “prudently align with deliveries.” Through Q3 Lucid had produced 6,037 Air sedans, but sold only 4,267 of those.

Despite the challenges, Lucid noted the ramp-up of the Air Sapphire production and the successful launch of the Lucid Air Pure RWD. Additionally, the Lucid Gravity luxury electric SUV is set to make its debut at the LA Auto Show later this month.

“We delivered on our commitments to complete the Lucid Air lineup on time with Pure RWD and Sapphire, transition general assembly to our Phase 2 factory in Arizona, and open our first plant in Saudi Arabia. We recognize we still have work to do on our customer journey and deliveries,” said Peter Rawlinson, Lucid’s CEO & CTO. “Next week, we look forward to the world premiere of the Lucid Gravity, our amazing vehicle that will redefine the electric SUV. Gravity remains on track to begin production in late 2024.”

You can read Lucid’s full report below.