Lucid posts loss of almost $1 bn last quarter

It may have been a good quarter for Lucid in terms of sales and vehicle deliveries. However, the California EV maker remains deep in the red, reporting a loss of 992.5 million US dollars in Q3/2024.

The high loss is likely partly due to the startup preparing for its second model, the Lucid Gravity, for which Lucid has now opened the order books in the US. The high loss does not come as a surprise to Lucid: the company had already issued new shares for a capital increase in October. In August, Lucid’s largest shareholder, the Saudi Arabian Public Investment Fund (PIF), pledged an additional 1.5 billion US dollars to accelerate the start of production of the Gravity SUV.

Despite the considerable losses, the company is still surprisingly liquid: it ended the third quarter of 2024 with a total liquidity of $5.16 billion. The company is also encouraged by the further increase in the number of vehicles delivered: in the last quarter, it delivered 2,781 vehicles of its only model to date, the Lucid Air. That is 387 vehicles more than in the second quarter. Lucid believes it is on track to produce 9,000 electric cars this year, which will likely include the first units of the new Gravity model. At the same time, turnover broke through the $200 million mark, as in the previous quarter.

“Our momentum continues with our third consecutive quarter of record deliveries,” said Peter Rawlinson, CEO and CTO at Lucid. “Additionally, today we are delighted to open the order book for the much-anticipated Lucid Gravity SUV, a landmark product, which remains on track for start of production this year. Furthermore, our recent capital raise of approximately $1.75 billion serves to further secure the future of the company by extending its financial runway well into 2026.”

“We continue to see improvements to gross margin performance as our cost reduction efforts are gaining momentum,” said Gagan Dhingra, Interim CFO and Principal Accounting Officer at Lucid. “With our recent capital raise, we are pleased to have the continued support once again from both the Public Investment Fund and other institutional investors.”
prnewswire.com, lucidmotors.com (presentation)

prnewswire.com, lucidmotors.com (presentation)