Lucid Group Inc (NASDAQ:LCID), a sporty electric vehicle rival to Tesla, enjoyed record delivery numbers in the past quarter but reported a larger loss as it continues to ramp up its production facilities, research & development and marketing efforts.
In the third quarter, Lucid Motor produced a record 2,282 vehicles and delivered 1,398, which it said was respectively more than triple and double the amounts produced and delivered in the second quarter.
This represented “significant progress” toward its 2022 production target of 6,000-7,000 – though this has been cut from an original estimate of 20,000 during the year.
Revenue of US$195.5mln in the third quarter was up from US$97.3mln in the second, while net loss attributable to shareholders of US$530.1mln was down from US$559.2mln in the preceding quarter.
Reservations stood above 34,000 at the end of September, not including the up to 100,000 purchase commitment by the government of Saudi Arabia, where the company is is constructing a full-production factory.
However, the number of reservations was down from August's figure of 37,000.
Cash stood at US$3.85bn, which was said to be "sufficient liquidity at least into the fourth quarter of 2023", after total cash outflow of US$859.6mln in the quarter, of which capital expenditure was US$290mln.
Lucid, which is bossed by Tesla's former chief engineer, Peter Rawlinson, said it has successfully brought its logistics operations in-house and restructured both its logistics and manufacturing organisation.
Investment was made the AMP-1 production facility in Casa Grande, Arizona, with the next phase being to increase capacity, vehicle development and further expansion of retail, delivery, and service capabilities.
Production of the mid-range Lucid Air Touring started this month and the company said it is “on track” to start deliveries of Lucid Air Pure, its cheapest model, later this quarter.
A 1,200-plus horsepower Lucid Air Sapphire, which it calls “the world's first fully electric luxury super-sports sedan”, has also been announced, with the aim of production beginning in the first half of next year, with reservations for its Project Gravity SUV due to open in early 2023, which the company believes will "unlock a very large and incremental addressable market".