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Lucid reports $137.8 million in Q3 revenue, reduces production outlook

Lucid Motors/Twitter

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Lucid Motors has reported its third-quarter earnings for a miss on analyst revenue estimates, and the automaker has reduced its 2023 production outlook even further.

On Tuesday, Lucid reported a Q3 revenue of $137.8 million after reporting last month that it delivered 1,457 units and produced 1,550 vehicles during the quarter. The startup electric vehicle (EV) maker also said in its earnings release that it is again revising its production forecast for the year, now reducing the figure from a goal of producing 10,000 units to just 8,000-8,500.

The revenue figure marks a 30 percent drop year over year, and it shows a miss on analyst consensus for revenue, which was $185.1 million, according to FactSet. The automaker also reported -$0.28 earnings per share (EPS) compared to analyst estimates of -$0.36 EPS, marking a narrowing of net loss from last year’s Q3 report of losing $0.40 for per share.

Lucid had a net Q3 loss of $631 million, marking a 19 percent increase year over year. The company reportedly lost $433,081 per car sold in the third quarter, which is less than the company’s reported $544,159 lost per vehicle for Q2. Lucid also reported a non-GAAP free cash flow of $706,099, down from $859,530 in the same quarter last year.

In Q2, Lucid reported $150.9 million in revenue, similarly falling short of consensus analyst estimates.

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Lucid points out that, during the third quarter, it produced the first of its ultra-luxury Air Sapphire sedans and its Air Pure RWD vehicles, closed a transaction with Aston Martin to supply its electric powertrain and appointed a Chief Operating Officer. The company also notes that its Gravity SUV, set to be unveiled on November 16 at the LA Auto Show, is still on track to begin production late next year.

“We are seeing results from our targeted marketing approach, as the majority of new demand came from customers who had their first contact with Lucid in the quarter,” Lucid CFO Sherry House said in the press release. “We’ve also made progress with the cost control program we implemented in the first half of the year and have identified further opportunities for 2024. We ended the third quarter with approximately $5.45 billion in liquidity, which we expect to lead us to our next major milestone, Gravity production, and beyond, into 2025.”

Lucid shareholders can join the company’s live webcast and earnings call here, starting at 5:30 p.m. ET.

Lucid NACS adoption ‘must have been a bitter pill to swallow’: Elon Musk

What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.

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Zach is a renewable energy reporter who has been covering electric vehicles since 2020. He grew up in Fremont, California, and he currently lives in Colorado. His work has appeared in the Chicago Tribune, KRON4 San Francisco, FOX31 Denver, InsideEVs, CleanTechnica, and many other publications. When he isn't covering Tesla or other EV companies, you can find him writing and performing music, drinking a good cup of coffee, or hanging out with his cats, Banks and Freddie. Reach out at zach@teslarati.com, find him on X at @zacharyvisconti, or send us tips at tips@teslarati.com.

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Elon Musk

Elon Musk’s X goes down as users report major outage Friday morning

Error messages and stalled loading screens quickly spread across the service, while outage trackers recorded a sharp spike in user reports.

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Credit: Linda Yaccarino/X

Elon Musk’s X experienced an outage Friday morning, leaving large numbers of users unable to access the social media platform.

Error messages and stalled loading screens quickly spread across the service, while outage trackers recorded a sharp spike in user reports.

Downdetector reports

Users attempting to open X were met with messages such as “Something went wrong. Try reloading,” often followed by an endless spinning icon that prevented access, according to a report from Variety. Downdetector data showed that reports of problems surged rapidly throughout the morning.

As of 10:52 a.m. ET, more than 100,000 users had reported issues with X. The data indicated that 56% of complaints were tied to the mobile app, while 33% were related to the website and roughly 10% cited server connection problems. The disruption appeared to begin around 10:10 a.m. ET, briefly eased around 10:35 a.m., and then returned minutes later.

Credit: Downdetector

Previous disruptions

Friday’s outage was not an isolated incident. X has experienced multiple high-profile service interruptions over the past two years. In November, tens of thousands of users reported widespread errors, including “Internal server error / Error code 500” messages. Cloudflare-related error messages were also reported.

In March 2025, the platform endured several brief outages spanning roughly 45 minutes, with more than 21,000 reports in the U.S. and 10,800 in the U.K., according to Downdetector. Earlier disruptions included an outage in August 2024 and impairments to key platform features in July 2023.

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Tesla wins top loyalty and conquest honors in S&P Global Mobility 2025 awards

The electric vehicle maker secured this year’s “Overall Loyalty to Make,” “Highest Conquest Percentage,” and “Ethnic Loyalty to Make” awards.

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Credit: Tesla Malaysia/X

Tesla emerged as one of the standout winners in the 2025 S&P Global Mobility Automotive Loyalty Awards, capturing top honors for customer retention and market conquest.

The electric vehicle maker secured this year’s “Overall Loyalty to Make,” “Highest Conquest Percentage,” and “Ethnic Loyalty to Make” awards.

Tesla claims loyalty crown

According to S&P Global Mobility, Tesla secured its 2025 “Overall Loyalty to Make” award following a late-year shift in consumer buying patterns. This marked the fourth consecutive year Tesla has received the honor. S&P Global Mobility’s annual analysis reviewed 13.6 million new retail vehicle registrations in the U.S. from October 2024 through September 2025, as noted in a press release.

In addition to overall loyalty, Tesla also earned the “Highest Conquest Percentage” award for the sixth consecutive year, highlighting the company’s continued ability to attract customers away from competing brands. This achievement is particularly notable given Tesla’s relatively small vehicle lineup, which is largely dominated by just two models: the Model 3 and Model Y.

Ethnic market strength and conquest

Tesla also captured top honors for “Ethnic Market Loyalty to Make,” a category that highlighted especially strong retention among Asian and Hispanic households. According to the analysis, Tesla achieved loyalty rates of 63.6% among Asian households and 61.9% among Hispanic households. These figures exceeded national averages.

S&P Global Mobility executives noted that loyalty margins across categories were exceptionally narrow in 2025, underscoring the significance of Tesla’s wins in an increasingly competitive market. Joe LaFeir, President of Mobility Business Solutions at S&P Global Mobility, shared his perspective on this year’s results.

“For 30 years, this analysis has provided a fact-based measure of brand health, and this year’s results are particularly telling. The data shows the market is not rewarding just one type of strategy. Instead, we see sustained, high-level performance from manufacturers with broad portfolios. In the current market, retaining customers remains a critical performance indicator for the industry,” LaFeir said.

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Elon Musk’s lawsuit against OpenAI and Microsoft is heading to jury trial

The ruling keeps alive claims that OpenAI misled the Tesla CEO about its charitable purpose while accepting billions of dollars in funding.

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Gage Skidmore, CC BY-SA 4.0 , via Wikimedia Commons

OpenAI Inc. and Microsoft will face a jury trial this spring after a federal judge rejected their efforts to dismiss Elon Musk’s lawsuit, which accuses the artificial intelligence startup of abandoning its original nonprofit mission. The ruling keeps alive claims that OpenAI misled the Tesla CEO about its charitable purpose while accepting billions of dollars in funding.

As noted in a report from Bloomberg News, a federal judge in Oakland, California, ruled that OpenAI Inc. and Microsoft failed to show that Musk’s claims should be dismissed. U.S. District Judge Yvonne Gonzalez Rogers stated that while the evidence remains unclear, Musk has maintained that OpenAI “had a specific charitable purpose and that he attached two fundamental terms to it: that OpenAI be open source and that it would remain a nonprofit — purposes consistent with OpenAI’s charter and mission.”

Judge Gonzalez Rogers also rejected an argument by OpenAI suggesting that Musk’s use of an intermediary to donate $38 million in seed money to the company stripped him of legal standing. “Holding otherwise would significantly reduce the enforcement of a large swath of charitable trusts, contrary to the modern trend,” Judge Gonzalez Rogers wrote.

The judge also declined to dismiss Musk’s fraud allegations, citing internal OpenAI communications from 2017 involving co-founder Greg Brockman. In an email cited by the judge, fellow OpenAI board member Shivon Zilis informed Musk that Brockman would “like to continue with the non-profit structure.”

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Just two months later, however, Brockman wrote in a private note that he “cannot say that we are committed to the non-profit. don’t want to say that we’re committed. if three months later we’re doing b-corp then it was a lie.”

Marc Toberoff, a member of Musk’s legal team, said Judge Gonzalez Rogers’s ruling confirms that “there is substantial evidence that OpenAI’s leadership made knowingly false assurances to Mr. Musk about its charitable mission that they never honored in favor of their personal self-enrichment.”

OpenAI, for its part, maintained that Musk’s legal efforts are baseless. In a statement, the AI startup said it is looking forward to the upcoming trial. “Mr. Musk’s lawsuit continues to be baseless and a part of his ongoing pattern of harassment, and we look forward to demonstrating this at trial. We remain focused on empowering the OpenAI Foundation, which is already one of the best-resourced nonprofits ever,” OpenAI stated.

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