Electric vehicle maker Lucid reports third-quarter loss but stands by production guidance
on Tuesday reported that it lost $530 million in the third quarter and confirmed that it's still on track to make between 6,000 and 7,000 of its Air luxury sedans in 2022.$195.5 million, versus $232,000 in the year-ago quarter, when it was beginning production of the Air sedan.On Oct. 12, Lucid said that itand delivered 1,398 vehicles to customers in the third quarter.
Lucid also confirmed that it plans to open reservations for its next vehicle, an electric luxury SUV previewed by its Project Gravity show vehicle, early next year. Lucid said that it had "over 34,000" reservations as of Nov. 7. When it last reported its reservation total, on Aug. 3, it had "over 37,000" customer reservations. Lucid said in April that Saudi Arabia's government hadover the next 10 years; those vehicles aren't included in the reservation totals.
The company said it ended the third quarter with $3.85 billion of cash, down from $4.6 billion as of June 30. Lucid told investors in August that it expects to deliver between 6,000 and 7,000 vehicles in 2022, down from its earlier forecast of 12,000 to 14,000 vehicles. It reiterated that lowered expectation in October and confirmed it again on Tuesday.
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