Lucid Motors (LCID) has unveiled its second-quarter financial results, and the luxury electric automaker is still experiencing a bumpy road, seeing lower than expected revenue and continuing signs of weakened demand for the Air sedan.
According to the company’s financial report, the second quarter saw 1,404 vehicle deliveries, well below Wall Street’s prediction of 1,873. That puts the delivery total for the first half of the year at just 2,810 Air sedans. On the production side, Lucid produced 2,173 vehicles and says is on track to achieve its 2023 production goal of 10,000 electric vehicles (EVs), although how many of those will actually sell remains to be seen. The automaker had originally planned to produce between 10,000 and 14,000, before later revising that number to only 10,000.
The quarter’s revenue of $150.9 million also fell short of the expected $176.6 million, giving the company a loss of $0.40 per share, compared to $0.33 estimates from Wall Street.
Some highlight from the report was the confirmation of the Gravity SUV’s debut later this year, and that they are on track to begin production of the Gravity in late 2024. Lucid has also started vehicle shipments to the Kingdom of Saudi Arabia, where it is building its second manufacturing facility.
At the end of the second quarter, Lucid’s overall liquidity reached around $6.25 billion, a financial position anticipated to keep the company running through 2025.
“We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin. Following a competitive process, their investment validates our award-winning technology and marks the first partnership for Lucid Group’s technology arm. We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November,” said Peter Rawlinson, Lucid’s CEO and CTO.
In the face of these challenges, Lucid has taken proactive steps in an attempt to stimulate demand. The company reduced prices of their Air models over the weekend by as much as $12,400. The base-model Air Pure dropped by $5,000, and now starts at $82,400, less than the Tesla Model S, which starts at $88,490.
Lucid also highlighted its strategic partnership with Aston Martin, in which Lucid’s battery components and powertrain systems will power future Aston Martin EVs.
You can read the full report below.2Q23 Earnings Preso (Final As Posted)