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Lucid reports third quarter loss but says its on track to meet 2022 production goals Lucid reports third quarter loss but says its on track to meet 2022 production goals

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Lucid reports third quarter loss; says its on track to meet 2022 production goals

Credit: Lucid

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Lucid Group reported losing $530 million during the third quarter of 2022 on Tuesday but says it’s still on track to meet its production goals. The automaker aims to produce between 6,000 and 7,000 of its Lucid Air sedans this year.

The automaker reported it Q3 revenue of $195.5 million on deliveries of 1,398 vehicles. It also said that there is strong customer demand for Lucid Air, and had over 34,000 reservations as of November 7, 2022, which represents possible sales of over $3.2 billion.

The company noted that the reservation number doesn’t include the up to 100,000 vehicles that are under agreement with the Saudi Arabian government. Lucid ended Q3 with around $3.85 billion cash, cash equivalents, and investments with which it’s expecting to fund itself into Q4 2023.

Lucid’s CEO, Peter Rawlinson, shared the following statement about the company’s progress toward its goals.

“I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” said Rawlinson.

“I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp-up,” he added.

In addition to Rawlinson’s statement, Lucid’s Chief Financial Officer, Sherry House, shared plans to open reservations for Project Gravity SUV sometime in early 2023.

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“We continue to have strong demand, with over 34,000 reservations as of November 7, 2022. We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp.”

In October, Lucid announced that it produced 2,282 vehicles in Q3 2022, which is over three times an increase from its Q2 reports. Lucid delivered 1,398 of the 2,282 cars built. The automaker plans to unveil the Pure and Touring trim levels of the Air on November 15, 2022, at 1:00 p.m. EST. Later that day, Lucid plans to deliver its first Air Touring at its studio in Beverly Hills.

Your feedback is essential. If you have any comments or concerns or see a typo, you can email me at johnna@teslarati.com. You can also reach me on Twitter at @JohnnaCrider1.

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Johnna Crider is a Baton Rouge writer covering Tesla, Elon Musk, EVs, and clean energy & supports Tesla's mission. Johnna also interviewed Elon Musk and you can listen here

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Elon Musk

How to use Grok Bot to block spam calls and texts

Musk told users to ask Grok Bot to scrub their phone numbers from spam lists.

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Elon Musk has a new use case for Grok Bot, and it is the spam call. On Thursday he replied to an X user named Arash with a short instruction: “Ask your @Grok @Bot to remove your phone number from spam call & text lists!” Arash had said he got tired of the calls, had an AI bot find his number on listing sites and file removal requests, and packaged the process as a free skill for others.

The skill is called Spam-Call Scrubber, which is described to find a phone number on people search sites and data brokers, submits the opt outs, completes the confirmation emails those sites send back, and rechecks on a schedule the user picks. Using it requires the Grok Bot app. The pitch is time saved, since most broker opt outs sit behind separate forms on separate sites.



Musk said Grok Bot now gives each bot its own email address, and that it can detect scam emails. On Thursday he also said SpaceX would make users whole if the bot botches a purchase or leaks a card, then told users to shop away from Amazon after the retailer blocked the agent, as Teslarati reported. The terms of service we reviewed at the time put responsibility for what an agent does on the user.

For Tesla owners, Grok Bot is not just a phone app. Tesla brought Grok Bot into its vehicles on September 22, and we argued earlier this week that the Cybercab’s real advantage may be the errands it runs during a ride. Every Cybercab and the rest of the Model Y Robotaxi fleet has it enabled. The more routine tasks like this one become, the more a rider has reason to hand over something personal in the back seat.

The new Spam-Call Scrubber skill can be downloaded for free and works on sites that honor removal requests, while noting that listings can reappear, and illegal robocallers do not check any registry. Whether Spam-Call Scrubber cuts anyone’s call volume is something the first wave of users will find out, and Musk’s endorsement guarantees that wave is coming.

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Investor's Corner

Tesla’s flying Roadster just revealed something bigger than the car

Analysts say the Roadster demo puts a Tesla and SpaceX merger back on the table.

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Tesla’s new Roadster, upside down and trailing cold gas thruster smoke, flips over a lineup of Tesla vehicles at the Roadster unveiling near Waco, Texas on October 15, 2026. (Image: Tesla)
Tesla’s new Roadster, upside down and trailing cold gas thruster smoke, flips over a lineup of Tesla vehicles at the Roadster unveiling near Waco, Texas on October 15, 2026. (Image: Tesla)

The Roadster unveiling near Waco ended Thursday night, and by Friday morning much of the investor reaction had less to do with the car than with who owns the rocket technology inside it.

Wedbush analyst Dan Ives said the event “puts the Tesla/SpaceX relationship on the table in a tangible way,” pointing to the propulsion, pressure vessel and control hardware sitting on a Tesla product. Gene Munster of Deepwater Asset Management called the demo “a ridiculous display of engineering” with “no commercial value” beyond embarrassing traditional automakers, though he said it showed Musk wants the two companies together.

The more specific forecast came a day earlier from Barclays. Analyst Dan Levy told clients a deal could be announced before Tesla’s annual meeting, which must happen by December 6, and that an announcement in late October or early November could make shareholder approval harder. Barclays expects SpaceX to be the buyer in an all stock deal, with Tesla holders receiving SpaceX shares at a premium, based on market values of roughly $2.1 trillion for SpaceX and $1.5 trillion for Tesla. If nothing lands around the meeting, the bank still sees an announcement within 6 to 12 months.

The Roadster demo just added more weight to merger speculations. Tesla’s demo used cold gas thrusters and pressure tanks of the kind SpaceX uses on Falcon 9, and Musk described the car as a collaboration between Tesla and SpaceX engineers, as we mentioned in our breakdown of the three Roadster configurations.


Musk has not publicly addressed a deal since the event, as far as we have seen. His most direct answer remains the one he gave at the All In Summit, when he said that with so much collaboration, “who can imagine what action one might take” without ruling anything out. Ives has held to a 2027 timeline since his March note, and Musk pushed back on the China piece of the speculation when ARK floated a year end announcement in August.

The next test is Tesla’s third quarter earnings call on October 21. However, we recall in July that Musk told analysts, “we can’t talk about combining companies and that kind of thing on an earnings call,” so a clear answer wouldn’t be expected.

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How Tesla’s Roadster fan system and thrusters are built to dominate the corners

Tesla’s Roadster uses fans, active wings and cold gas thrusters to create grip at any speed.

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The Roadster’s rear wing, one of the aerodynamic elements Tesla pairs with a fan-based downforce system. (Image: Tesla)
The Roadster’s rear wing, one of the aerodynamic elements Tesla pairs with a fan-based downforce system. (Image: Tesla)

Tesla’s new Roadster is best known for flipping through the air in Texas, but the technology that matters most for a race track is the stuff that keeps it on the ground. Tesla’s Roadster page describes a multi-mode fan and ground sealing system that acts as a downforce generator, pulling air out from beneath the car. Tesla says it provides enough suction to hold the vehicle upside down, even when stationary.

That is the key difference from the wings and diffusers on a normal supercar. Conventional aero only makes downforce when the car is moving, and it grows with speed, so a car has the least grip in the slow corners and under hard braking. A fan system makes downforce at any speed. Tesla’s patent, which we covered last year, describes fans and deployable skirts that create sealed or partially sealed regions under the car, with the fans extracting air to lower the pressure and increase grip and stability.


Tesla pairs that with active wings, a next generation steer by wire system and a Track Mode that lowers the car and changes the suspension, with high downforce and low drag settings for the circuit. To keep weight down, Tesla points to magnesium, titanium and carbon fiber, manual controls and a fixed seat position, which it says lets the car respond to driver inputs almost instantly.

Tesla Roadster: Three configs, one can fly, 0-60 in 0.8 seconds

The cold gas thrusters are the other half. On the Thrust version they sit at the rear and Tesla says they take the car from 0 to 60 mph in under 0.9 seconds, while the Rocket version adds perimeter thrusters for forward, upward and lateral rotational movement. Tesla says the all electric actuators make micro adjustments within a fraction of a second.

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Musk has been talking about records for years. In June 2019 he said, “We’re going to do things with the new Roadster that are kind of unfair to other cars.” That September, when a follower asked whether the Roadster would beat the Nürburgring production car record, he replied with one word, “Absolutely,” as we reported at the time. In February 2024 he said Tesla had “radically increased the design goals” for the car and that its sub one second 0 to 60 time would be “the least interesting part.”

There are caveats. Tesla has not published a lap time or a verified cornering figure, so the record talk is still a promise rather than a result. Tesla also says the car is not approved for public road use, and the thruster features are limited to the Rocket trim, which is invite only. Fan cars have also been banned or withdrawn before, and getting a sealed underbody to work on a rough public road is a harder problem than on a smooth track. The first real test will be an official lap at a circuit.

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