Lucid says it’s on track for reduced production target after tripling Q3 output
After ramping up production of its luxury electric cars in the third quarter, Lucid Group Inc. said Wednesday it expects to hit its recently reduced full-year target.
In the just-completed period, the California-based company made 2,282 vehicles at its Arizona factory in Pinal County, it said in an announcement. That was more that triple the number it produced in the second quarter, the company said.
“These figures remain in line with the company’s expectations,” Lucid (Nasdaq: LCID) said in a statement.
The automaker delivered 1,398 vehicles in the third quarter, compared to 679 in the second.
In August, Lucid announced a sharply reduced production goal of about 50%. With Lucid’s production results for the most recent period at its Casa Grande production facility, it’s on track to meet its reduced goal of 6,000 to 7,000 cars this year, it said. Through the first three quarters of this year, it’s made 3,687 vehicles, so it would have to increase production to 2,313 cars in the current quarter to meet the low end of its targeted range.
That updated range is far below the 20,000 cars the company told investors it would make in 2022 as part of its pitch to them before it went public last year. It has since slashed that target several times after running into production and supply problems.
Several top manufacturing executives reportedly left Lucid in recent weeks in the wake of the reduced production forecasts.
Lucid recently inked new leases with Pinal County and Casa Grande to acquire an additional 1,400 acres near its existing factory, the Business Journal reported in September.
Lucid’s stock (Nasdaq: LCID) closed regular trading at $13.09 Wednesday. That’s about 46% below where its debuted last year and far off its peak last fall of $57.75 a share. Track the stock here.
Lucid still burning through cash
The company has positioned its Air vehicle to compete with those from well-known luxury automakers including Mercedes-Benz, Audi and Porsche. The car starts at $87,400 and runs to $169,000 for the top-of-the-line version. Read a review of the Lucid Air here.
Lucid didn’t offer any updates on its financial performance for its recently completed quarter. It is scheduled to announce its results Nov. 8.
In the second quarter, the company lost $220 million on sales of $97 million. It posted a loss of $81 million in the first quarter on $58 million in sales.
Lucid burned through about $800 million during Q2, leaving it with $4.3 billion in cash and short-term investments, according to the quarterly report it released in August. At the time, CEO Peter Rawlinson said it had enough cash “to fund the company well into 2023.”
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