Lucid Group has posted their Q3 2022 financial results and while the fledgling automaker was able to increase both production and deliveries, it is still losing cash hand over fist while it continues to ramp production.
Lucid says that it earned $195.5 million in revenue, below Wall Street consensus estimates which expected the company to earn $203 million. That resulted in a net loss of $530 million between July and September, or $0.40 per share compared to $0.43 per share in Q3 2021.
Last month Lucid announced it was able to triple production (2,282 units) and delivered 1,398 Air sedans in Q3.
Looking forward to the rest of the year, Lucid says it is on track to deliver between 6,000 and 7,000 vehicles in 2022, a number that has been reduced several times from their initial target of 20,000 vehicles.
To meet the low end of that target, Lucid would need to nearly double deliveries again and hand over 2,438 vehicles t new customers in the final quarter of the year.
Lucid also provided an update on the number of reservations it has, saying that as of November 7 it had accumulated “over 34,000.” The company appears to not be gaining many new reservations, or possibly even losing some, as their previous update in August said they had “over 37,000.”
In a possible attempt to ease investor fears, Lucid says that figure does not include the up to 100,000 vehicles the Saudi Arabian government has agreed to buy over the next 10 years from its factory currently under construction in the Kingdom.
The facility will not actually build vehicles from the ground up, but will instead re-assemble vehicles pre-manufactured at their existing Casa Grande facility in Arizona. The facility will have a production capacity of 155,000 vehicles per year at its peak.
Lucid says it now has $3.85 billion in cash that should be able to keep the company afloat until at least the end of next year. That is down from the $4.6 billion it still had as of June 30, 2022.