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.
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.