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Lucid posts Q2 2023 results: production target maintained, but revenue and earnings fall short

Credit: Lucid

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Lucid Motors maintained its projected annual production target on Monday and expressed confidence in its capability to start the production of its highly anticipated SUVs in the coming year and into 2025. 

Lucid’s announcement drove its shares up around 4% during after-hours trading, which is quite remarkable considering that the company also reported second-quarter earnings and revenue that were below market expectations. Lucid reported top-line revenue of $150.9 million as well, falling short of the consensus estimate of $176.63 million. 

The company reported adjusted EPS loss for Q2 was $0.40 as well, which failed to meet the Street’s projection of a $0.34 loss. But even more notably, Lucid posted an adjusted EBITDA loss of $710.3 million, significantly surpassing an anticipated $596.14 million loss. It also far exceeded the $414.1 million loss that Lucid incurred a year ago, as noted in a Yahoo! Finance report.

Electric vehicle watchers online have taken particular notice of Lucid’s reported loss of $544,159 for every vehicle that it delivered in the second quarter. This is a significant loss, though it is also an improvement over the $818,000 per vehicle loss that the electric vehicle maker reported in Q2 2022. This suggests that little by little, at least, Lucid is seeing some improvements in cost management and operational efficiency. 

In a comment to Reuters, CEO Peter Rawlinson emphasized that manufacturing capacity is not a limitation, given the significant improvement in supply chain resilience post-COVID. However, he also noted that the focus now is on sales, with the company aiming to boost demand and increase its market presence.

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“We are not limited by our ability to manufacture. Most of the supply chain has now come through out of the COVID era. We are limited by our ability to sell the cars right now, and that is my key focus,” Rawlinson said. 

While Lucid is seemingly poised to see more challenges in the future, the company is still overall optimistic. The EV maker noted that it was on track to produce 10,000 vehicles this year. This was despite deliveries in the second quarter being mostly unchanged from the 1,406 units that were sold in the first quarter. Lucid also noted that it was still on track to unveil the Gravity SUV in November. 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via Twitter @Writer_01001101.

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Tesla FSD (Supervised) is about to go on “widespread” release

In a comment last October, Elon Musk stated that FSD V14.2 is “for widespread use.”

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Tesla has begun rolling out Full Self-Driving (Supervised) V14.2, and with this, the wide release of the system could very well begin. 

The update introduces a new high-resolution vision encoder, expanded emergency-vehicle handling, smarter routing, new parking options, and more refined driving behavior, among other improvements.

FSD V14.2 improvements

FSD (Supervised) V14.2’s release notes highlight a fully upgraded neural-network vision encoder capable of reading higher-resolution features, giving the system improved awareness of emergency vehicles, road obstacles, and even human gestures. Tesla also expanded its emergency-vehicle protocols, adding controlled pull-overs and yielding behavior for police cars, fire trucks, and ambulances, among others.

A deeper integration of navigation and routing into the vision network now allows the system to respond to blocked roads or detours in real time. The update also enhances decision-making in several complex scenarios, including unprotected turns, lane changes, vehicle cut-ins, and interactions with school buses. All in all, these improvements should help FSD (Supervised) V14.2 perform in a very smooth and comfortable manner.

Elon Musk’s predicted wide release

The significance of V14.2 grows when paired with Elon Musk’s comments from October. While responding to FSD tester AI DRIVR, who praised V14.1.2 for fixing “95% of indecisive lane changes and braking” and who noted that it was time for FSD to go on wide release, Musk stated that “14.2 for widespread use.”

FSD V14 has so far received a substantial amount of positive reviews from Tesla owners, many of whom have stated that the system now drives better than some human drivers as it is confident, cautious, and considerate at the same time. With V14.2 now rolling out, it remains to be seen if the update also makes it to the company’s wide FSD fleet, which is still populated by a large number of HW3 vehicles. 

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Tesla FSD V14.2 starts rolling out to initial batch of vehicles

It would likely only be a matter of time before FSD V14.2 videos are posted and shared on social media.

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Credit: Grok Imagine

Tesla has begun pushing Full Self-Driving (Supervised) v14.2 to its initial batch of vehicles. The update was initially observed by Tesla owners and veteran FSD users on social media platform X on Friday.

So far, reports of the update have been shared by Model Y owners in California whose vehicles are equipped with the company’s AI4 hardware, though it would not be surprising if more Tesla owners across the country receive the update as well. 

Based on the release notes of the update, key improvements in FSD V14.2 include a revamped neural network for better detection of emergency vehicles, obstacles, and human gestures, as well as options to select arrival spots. 

It would likely only be a matter of time before FSD V14.2 videos are posted and shared on social media.

Following are the release notes of FSD (Supervised) V14.2, as shared on X by longtime FSD tester Whole Mars Catalog.

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Release Notes

2025.38.9.5

Currently Installed

FSD (Supervised) v14.2

Full Self-Driving (Supervised) v14.2 includes:

  • Upgraded the neural network vision encoder, leveraging higher resolution features to further improve scenarios like handling emergency vehicles, obstacles on the road, and human gestures.
  • Added Arrival Options for you to select where FSD should park: in a Parking Lot, on the Street, in a Driveway, in a Parking Garage, or at the Curbside.
  • Added handling to pull over or yield for emergency vehicles (e.g. police cars, fire trucks, ambulances.
  • Added navigation and routing into the vision-based neural network for real-time handling of blocked roads and detours.
  • Added additional Speed Profile to further customize driving style preference.
  • Improved handling for static and dynamic gates.
  • Improved offsetting for road debris (e.g. tires, tree branches, boxes).
  • Improve handling of several scenarios including: unprotected turns, lane changes, vehicle cut-ins, and school busses.
  • Improved FSD’s ability to manage system faults and improve scenarios like handling emergency vehicles, obstacles on the road, and human gestures.
  • Added Arrival Options for you to select where FSD should park: in a Parking Lot, on the Street, in a Driveway, in a Parking Garage, or at the Curbside.
  • Added handling to pull over or yield for emergency vehicles (e.g. police cars, fire trucks, ambulances).
  • Added navigation and routing into the vision-based neural network for real-time handling of blocked roads and detours.
  • Added additional Speed Profile to further customize driving style preference.
  • Improved handling for static and dynamic gates.
  • Improved offsetting for road debris (e.g. tires, tree branches, boxes).
  • Improve handling of several scenarios, including unprotected turns, lane changes, vehicle cut-ins, and school buses.
  • Improved FSD’s ability to manage system faults and recover smoothly from degraded operation for enhanced reliability.
  • Added alerting for residue build-up on interior windshield that may impact front camera visibility. If affected, visit Service for cleaning!

Upcoming Improvements:

  • Overall smoothness and sentience
  • Parking spot selection and parking quality
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Tesla Model X lost 400 pounds thanks to these changes

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Credit: Tesla

The Tesla Model X has always been one of the company’s most loved vehicles, despite its low sales figures, which can be attributed to its high price tag.

However, the Model X has been a signature item on Tesla’s menu of cars, most notably recognized by its Falcon Wing Doors, which are aware of its surroundings and open according to what’s around it.

But recent improvements to the Model X were looking slim to none, but it appears most of the fixes actually happened under the body, at least according to Tesla’s Vice President of Powertrain, Lars Moravy.

In a recent interview with Car and Driver, Moravy detailed all of the changes to the 2026 iteration of the vehicle, which was about 400 pounds lighter than it was originally. The biggest change is a modification with the rear motor, switching from an induction-type motor to a permanent-magnet design and optimizing the half-shafts, which shed about 100 pounds.

Tesla also got “almost 80 pounds out of the interior bits and pieces,” which “included making parts thinner, different manufacturing process choices, and incorporating airbag-deployment requirements into the headliner fabric,” the report said.

Additionally, the standard five-passenger, bench seat configuration saved 50 pounds by ditching pedestal mounting. This also helped with practicality, as it helped the seat fold flat. Engineers at Tesla also saved 44 pounds from the high-voltage wiring through optimizing the wiring from the charge-port DC/DC converter and switching from copper to aluminum wiring.

Tesla makes a decision on the future of its flagship Model S and Model X

Tesla also simplified the cooling system by reducing the number of radiators. It also incorporated Nürburgring cooling requirements for the Plaid variant, which saved nearly 30 pounds.

Many Tesla fans will be familiar with the megacastings, manufactured in-house by presses from IDRA, which also saves more than 20 pounds and boosts torsional stiffness by around 10 percent. Tweaks to the suspension also saved 10 pounds.

People were truly disappointed with what Tesla did with the Model S and Model X, arguing that the cars needed a more severe exterior overhaul, which might be true. However, Tesla really did a lot to reduce the weight of the vehicle, which helps increase range and efficiency. According to Grok, every 200 pounds removed adds between 7 and 15 percent to range estimations.

This makes sense considering the range estimations both increased by 7 percent from the Model X’s 2025 configuration to the 2026 builds. Range increased on the All-Wheel-Drive trim from 329 miles to 352 miles, while the Plaid went from 314 miles to 335 miles.

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