Connect with us
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

News

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

Credit: Lucid

Published

on

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.

Advertisement
-->

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.

“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.

Teslarati is now on TikTok. Follow us for interactive news & more. Teslarati is now on TikTok. Follow us for interactive news & more. You can also follow Teslarati on LinkedInTwitter, Instagram, and Facebook.

Advertisement
-->

 

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

Advertisement
Comments

Elon Musk

Elon Musk predicts AI and robotics could make work “optional” within 20 years

Speaking on entrepreneur Nikhil Kamath’s podcast, Musk predicted that machines will soon handle most forms of labor, leaving humans to work only if they choose to.

Published

on

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

Elon Musk stated that rapid advances in artificial intelligence and robotics could make traditional work unnecessary within two decades. 

Speaking on entrepreneur Nikhil Kamath’s podcast, Musk predicted that machines will soon handle most forms of labor, leaving humans to work only if they choose to.

Work as a “hobby”

During the discussion, Musk said the accelerating capability of AI systems and general-purpose robots will eventually cover all essential tasks, making human labor a choice rather than an economic requirement. “In less than 20 years, working will be optional. Working at all will be optional. Like a hobby,” Musk said.

When Kamath asked whether this future is driven by massive productivity growth, Musk agreed, noting that people will still be free to work if they enjoy the routine or the challenge. He compared future employment to home gardening, as it is something people can still do for personal satisfaction even if buying food from a store is far easier

“Optional” work in the future

Elon Musk acknowledged the boldness of his claim and joked that people might look back in 20 years and say he was wrong. That being said, the CEO noted that such a scenario could even happen sooner than his prediction, at least if one were to consider the pace of the advancements in AI and robotics. 

Advertisement
-->

“Obviously people can play this back in 20 years and say, ‘Look, Elon made this ridiculous prediction and it’s not true,’ but I think it will turn out to be true, that in less than 20 years, maybe even as little as ten or 15 years, the advancements in AI and robotics will bring us to the point where working is optional,” Musk said. 

Elon Musk’s comments echo his previous sentiments at Tesla’s 2025 Annual Shareholder Meeting, where he noted that Optimus could ultimately eliminate poverty. He also noted that robots like Optimus could eventually provide people worldwide with the best medical care.

Continue Reading

Elon Musk

Elon Musk reiterates why Tesla will never make an electric motorcycle

Tesla CEO Elon Musk preemptively shut down speculations about a Tesla road bike once more.

Published

on

Tesla CEO Elon Musk preemptively shut down speculations about a Tesla road bike once more, highlighting that the electric vehicle maker has no plans to enter the electric motorcycle market.  

Musk posted his clarification in a post on X.

Musk’s reply to a fun AI video

X user @Moandbhr posted an AI video featuring the Tesla CEO on the social media platform, captioning it with “Mr. Elon Musk Just Revealed the Game-Changing Tesla Motorcycle.” The short clip depicted Musk approaching a sleek, single-wheeled vehicle, stepping onto it, and gliding off into the distance amid cheers. The fun video received a lot of traction on X, gaining 3.1 million views as of writing. 

Musk replied to the post, stating that a Tesla motorcycle is not going to happen. “Never happening, as we can’t make motorcycles safe. For Community Notes, my near death experience was on a road bike. Dirt bikes are safe if you ride carefully, as you can’t be smashed by a truck,” Musk wrote in his reply. 

Musk’s Past Comments on Two-Wheelers

Musk also detailed his reservations about motorcycles in a December 2019 X post while responding to questions about Tesla’s potential ATV. At the time, he responded positively to an electric ATV, though he also opposed the idea of a Tesla road-going motorcycle. Musk did state that electric dirt bikes might be cool, since they do not operate in areas where large vehicles like Class 8 trucks are present. 

Advertisement
-->

“Electric dirt bikes would be cool too. We won’t do road bikes, as too dangerous. I was hit by a truck & almost died on one when I was 17,” Musk wrote in his post. 

Considering Musk’s comments about dirt bikes, however, perhaps Tesla would eventually offer a road bike as a recreational vehicle. Such a two-wheeler would be a good fit for the Cybertruck, as well as future products like the Robovan, which could be converted into an RV.

Continue Reading

News

Tesla continues growing its Cybercab production team with new job listings

Both positions are based in Gigafactory Texas, the site of the Cybercab’s initial production.

Published

on

Credit: Tesla/X

Tesla continues to build out its workforce for the upcoming Cybercab, with two new job listings for quality inspectors for the autonomous two-seater being listed in the company’s official Careers website. 

Both positions are based in Gigafactory Texas, the site of the Cybercab’s initial production.

New Cybercab listings

Tesla recently added openings for “Quality Inspector, Cybercab” and “Quality Inspector, Cybercab – Incoming Quality” on its Careers website. The roles involve detailed inspections of Cybercab components using precision tools such as calipers, micrometers, and gauges, among others. Candidates must also identify non-conformances, document findings in Tesla’s quality management  system and collaborate with production teams to resolve issues swiftly.

Overall, these new Cybercab-related roles highlight Tesla’s emphasis on precision for the two-seater’s innovative features, such as its inductive charging setup, which is not available on any Tesla consumer vehicle today. If any, the Cybercab’s Quality Inspectors will likely be operating in uncharted territory as the vehicle is being produced using Tesla’s new Unboxed process. Elon Musk has also noted that the Cybercab’s production line will resemble a high-speed consumer electronics line instead of a conventional automotive line.

Recent Cybercab Design Evolutions

Since its October 2024 unveiling, the Cybercab has undergone several refinements visible in recent prototypes, enhancing aerodynamics and manufacturability ahead of production. The tail design now rises slightly for better airflow, with a shortened rear body panel and repositioned red reflectors farther from the wheel arches. 

Advertisement
-->

Front-end updates include segmented daytime running lights, actual turn signals and a sharper splitter, while side repeater cameras have shifted forward for improved visibility. Tesla has also enlarged door panels for easier ingress and egress, swapped to unpainted tires without extended covers and adjusted the B-pillar forward and lower, likely to foster a more open cabin feel.

Continue Reading