From CNBC: 2024-11-07 17:02:15

Lucid Group exceeded Wall Street expectations in the third quarter, with a loss per share of 28 cents adjusted and revenue of $200 million, beating estimates. The company’s net loss widened to $992.5 million. Lucid CEO Peter Rawlinson described the quarter as a “landmark” for the company, citing record deliveries and cost-cutting measures.

The automaker’s costs in research and development and selling, general, and administrative expenses increased compared to a year earlier, while other costs notably declined. Lucid reaffirmed plans to produce approximately 9,000 vehicles this year, up from 8,428 units in 2023, with $5.16 billion in total liquidity at the end of the quarter.

Despite widening losses, slower sales, and cash burn, Lucid’s stock has faced pressure this year, down about 45% overall. The company recently completed a $1.75 billion stock offering and capital raise to secure capital for ongoing operations and growth plans, extending funds into 2026.

Lucid is in a capital-intensive period as it expands production facilities, develops new products, and builds out its network. The company reported third-quarter results as it prepares to launch its upcoming Gravity SUV by the end of this year. Cost-cutting measures are being implemented across the board to optimize operations.



Read more at CNBC:: Lucid (LCID) results Q3 2024