Source: Caijing NetworkAuthor: Yan Qi2022-11-09 11:27
On November 9, according to Gasgoo, the Lucid Group said its net loss reached $670 million in the third quarter of this year. However, the company reiterated its production target for this year of 6,000 to 7,000 Air electric sedans.
Lucid said its revenue in the third quarter was $196 million, compared with $232,000 a year earlier. In the fourth quarter of 2021, Lucid began producing the Air at its Arizona plant, but the company has cut its production targets several times since then. Shares of Lucid fell 13% to $11.79 in after-hours trading after reporting third-quarter results.
Lucid Chief Executive Peter Rawlinson said on a Nov. 8 earnings call that the company is still struggling with supply chain issues. But despite these challenges, the company expects to meet its 2022 production target. “In fact, we’re still facing a supply issue for a component right now that’s going to cause a very brief shutdown,” Rawlinson said. He didn’t say which component was in short supply, but said that during the shutdown, the company Corresponding measures will be taken to increase production in the future.
In addition, Rawlinson said in a statement that the company saw a significant increase in weekly production and deliveries in the third quarter. He said: “We produced a record 2,282 vehicles in the third quarter, more than double the number in the second quarter, and delivered 1,398 vehicles in the third quarter, more than double the number in the second quarter. I am pleased to announce , we’ve proven ourselves capable of producing 300 cars a week.”
Lucid also said the company will open pre-orders for the second model next year, with deliveries expected to begin in 2024. Sherry House, the company’s chief financial officer, said: “We continue to observe high market demand, as of November 7, 2022, we have more than 34,000 orders. We plan to start taking orders for the Gravity project SUV in early 2023. . We believe that this move will help us unlock a very large market.”
Lucid released a limited-edition model, the Air Dream Edition, last year, starting at $170,500 including shipping. The company then released the Air Grand Touring, which starts at $155,650. The company will hold a new product launch event in Los Angeles on November 15, where two new versions of the Air model will be unveiled: the Air Pure and the Air Touring, the former starting at $89,050 (including shipping) and the latter $109,050 on sale.
Lucid also announced on Nov. 8 that the company had reached an agreement to raise up to $1.5 billion to shore up its finances as it works to streamline and expand its manufacturing operations.
Lucid said in a regulatory filing that the company plans to sell up to $600 million in new shares through Bank of America, Barclays Capital and Citi. The company also said it had reached an agreement to sell up to $915 million in shares to Saudi Arabia’s sovereign wealth fund, which already owns most of Lucid’s shares.