Meanwhile, a recent capital raise has extended the EV maker’s channel by the year 2025. Moreover, the company also said it has begun to ship vehicles to Middle Eastern Countries, including Saudi Arabia.
Furthermore, in the previous year, Saudi Arabia’s Ministry of Finance agreed to buy at least 50,000, and up to 100,000, EVs from Lucid over the next decade.
Mentioned below are fundamental numbers from Lucid’s second-quarter report, together with Wall Street consensus estimates as reported by Refinitiv:
- Loss per share: 40 cents. It was not immediately clear if that was comparable to Wall Street expectations of a loss of 33 cents, according to analysts surveyed by Refinitiv.
- Revenue: $150.9 million vs. $175 million expected.
Also, Lucid shares climbed more than 3% in extended trading.
For the quarter, Lucid’s net loss was $764.2 million, or 40 cents per share. Lucid recorded a net loss of $555.3 million, or 33 cents per share, a year ago. Revenue increased to $150.9 million in the second quarter, up from $97.3 million at the same time in 2022.
Earlier in July, Lucid announced that it delivered 1,404 Air sedans in its second quarter, which was about 600 fewer than Wall Street’s expectations.
In addition, the luxury vehicle company delivered 1,406 vehicles in the first quarter of 2023, and 679 vehicles in the second quarter of the previous year.
Sherry House, CFO of Lucid, said, “We ended the second quarter with $6.25 billion in available liquidity, including $5.5 billion in cash and the remainder in available credit lines, enough to last into 2025.”
As of March 31, Lucid had $3.4 billion in cash and an additional $700 million in available credit lines, which it stated at the time would be enough to fund its operations through the second quarter of 2024. It raised approximately $3 billion through a stock offering at the end of May.
In May, the company strengthened its production guidance, when it said that it anticipates producing “over 10,000” vehicles in 2023. Originally, they had estimated the production at between 10,000 and 14,000 vehicles in February 2023, despite claiming “more than 28,000 reservations” for the Air at that time.
Since then, Lucid hasn’t issued an update on Air reservations, but there have been indications for months that the business is experiencing a lack of demand for the well-reviewed but costly sedan.
In an effort to boost demand following price drops from Tesla and other EV rivals, Lucid announced on Saturday that it will reduce Air costs by up to $12,400. The price of the base-model Air Pure has been decreased by $5,000 to $82,400.
Lucid cut the price of the higher-end Touring and Grand Touring vehicles by $12,400 to $95,000 and $125,600, respectively.
“The lower prices apply both to vehicles in Lucid’s inventory and those being built to order now. The lower prices on existing vehicles will be valid while supplies last,” the company said.
Additionally, a Lucid spokesperson refused to say how many vehicles are in its inventory currently.
However, on Monday, Lucid confirmed that it still anticipates launching new versions of the Air later this year, and a second model—a luxury SUV called Gravity—in the upcoming year.
In addition, earlier in June, Lucid also said that it struck a deal to supply “Aston Martin Lagonda” with electric-vehicle powertrains, battery systems, and relevant technology.
Ultimately, Lucid would get approximately $232 million in progressive payments and a 3.7% share in the British supercar maker in exchange, it stated at the time.
- Published By Team Genuine Reporter