Lucid Group reports positive financial outlook in Q3 - The Buzz - Electric Vehicle News

Lucid Group reports positive financial outlook in Q3

Lucid's Q3 report includes info on a new SUV, COO appointment, closing an Aston Martin deal and adjusting 2023 production from 8,000 to 8,500.

Lucid Group released financial results for its third quarter ending Sept. 30, 2023. Lucid reported Q3 revenue of $137.8 million on deliveries of 1,457 vehicles and produced 1,550 vehicles. The company is also adjusting its production outlook for 2023 to 8,000–8,500 vehicles to prudently align with deliveries.

“We delivered on our commitments to complete the Lucid Air lineup on time with Pure RWD and Sapphire, transition general assembly to our Phase 2 factory in Arizona, and open our first plant in Saudi Arabia. We recognize we still have work to do on our customer journey and deliveries,” Peter Rawlinson, Lucid’s CEO & CTO, said.

Other highlights of the financial report include:

  • Production of the Lucid Air Pure RWD that began in September is in the process of ramping up; production of the Lucid Air Sapphire also began in September, thus completing the Lucid Air lineup;
  • General assembly production shifted to Phase 2 of Lucid’s factory in Arizona; Lucid opened its first manufacturing plant in Saudi Arabia;
  • Lucid closed the Aston Martin transaction and commenced the strategic technology arrangement;
  • Lucid appoints Marc Winterhoff as its first-ever chief operating officer, overseeing daily operations and execution across global manufacturing, supply chain, sales and service, marketing and international markets;
  • Lucid Gravity, the company’s all-new luxury electric SUV, will be unveiled on November 16 at the LA Auto Show; the start of production remains on track for late 2024;
  • Production outlook for 2023 is revised to 8,000–8,500 vehicles from prior guidance of more than 10,000 to prudently align with deliveries.

The earnings presentation is available on the company’s investor relations website (https://ir.lucidmotors.com).

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