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Lucid has revised its 2023 production outlook amid softening demand for luxury electric vehicle , the companionship say Tuesday in its third - quarterearnings report .
The EV maker say it will produce 8,000 to 8,500 vehicles by the end of the year , down from previous direction of more than 10,000 , to “ prudently align with delivery . ”
In the third quarter , Lucid deliver 1,457of its luxuriousness electric Air sedans , missing Wall Street expectations by about 500 vehicle . yr - over - year and quarter - over - quarter , Lucid ’s delivery numbers were more or less flat .
The revised output direction and rickety delivery numbers come as consumers are unwilling to spend big on EVs , prefer instead to go for more budget - well-disposed hybrids . To keep up demand , companies around the worldhave been reckon for ways to provide eV at a lower price point . Tesla has beenconsistently slashing its pricesacross the table to boost gross revenue . And automakers likeFordandRivianare working to come to market with cheaper models .
In August , Lucid started cutting price across the full Air lineup . Last week , theEV maker replicate down , slashing the monetary value of its Air Touring model to $ 87,500 , down from $ 95,000 , and the Grand Touring by $ 10,000 to $ 115,600 . The all - wheel drive Air Pure is also now at $ 74,900 , down from $ 82,400 .
While cheaper , those cars are still expensive , and Lucid is about to reveal another luxury EV model that will likely be just as costly .
Lucid’sGravity SUVis coiffe to be unveiled next week . The company said production is still schedule to begin in tardy 2024 . Pricing has not yet been bring out for that cable car , but it ’s expected to amount in at around $ 100,000 .
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Lucid missed Wall Street estimates
Lucid reported $ 137.8 million in the third fourth part , miss Wall Street estimation of $ 192.72 million by a long shot , according toYahoo Finance data point . That taxation is down about 30 % from the same catamenia in 2022 , when Lucid reported earnings of $ 195.5 million .
Some of that can be attributed to restructuring charges . In March , Lucid laid off 18 % of stave , or about 1,300 employee , to reduce price at the company . Lucid enjoin its restructuring endeavor would also lead to other toll cuts , but the automaker ’s spend on selling , worldwide and administrative expense has grown year - over - twelvemonth .
Lucid closed the quarter with a final loss of $ 630.8 million . The automaker still has $ 1.16 billion in John Cash and cash equivalents and a full $ 5.45 billion in liquidity , which Sherry House , Lucid ’s CFO , says will get the Gravity to production and aid the party stay afloat into 2025 .
“ We ’ve also made progress with the cost control programme we implemented in the first half of the year and have name further chance for 2024 , ” said House in a financial statement .
While Lucid ’s liquidity situation may be inviolable for the bit , the automaker still closed out the quarter with negative free cash flow of – $ 706 million , a stark sign that Lucid is n’t bringing in enough cash to cover its high price .
For the year , Lucid expects to spend between $ 1 billion and $ 1.1 billion on capital expenditures as the company strategically invests in manufacturing electrical capacity , retail studios and service centers , and marketer tool for the Gravity , agree to House .
Lucid ’s stock strike down almost 7 % in after - hours trading Tuesday .
Lucid adopts Tesla ’s charge banner
