Lucid struggles with falling turnover

Lucid Motors has published its business figures for the third quarter. Turnover is falling due to fewer vehicles delivered recently. And once again, the electric car manufacturer cuts its production target for the current year.

The US company now expects to produce only 8,000 to 8,500 electric cars in 2023. In May, Lucid had already reduced its production forecast for this year from 10,000 to 14,000 to “more than 10,000” vehicles.

In the first three quarters of 2023, Lucid produced a total of 6,037 EVs, so the company is expecting around 2,000 to 2,500 more vehicles in the fourth quarter. By comparison, production fell to 1,550 units in the third quarter.

According to the recently published quarterly report, Lucid Motors’ turnover from July to September was 137.8 million US dollars, compared to 150.9 million US dollars in the second quarter. Lucid reduced its net loss in Q3 from 764 million to 631 million US dollars compared to Q2.

“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.

The manufacturer has now announced the presentation of its second model, the Gravity, for 16 November. The electric SUV will go into production at the end of 2024. Lucid also announced the appointment of Marc Winterhoff as Chief Operating Officer (COO) – a newly created position, in which Winterhoff will report to Rawlinson from 4 December.

lucidmotors.com, ir.lucidmotors.com, lucidmotors.com (Winterhoff)