Lucid Group reported disappointing financial results for the third quarter, missing Wall Street expectations for the second consecutive quarter. The company lowered its annual production forecast to about 18,000 units, down from a prior expectation of 20,000 units. Lucid’s net loss was $978.4 million, with an adjusted loss per share of $2.65, exceeding analyst expectations.
Increased sales were reported, up 68% year-over-year, but losses widened by 17%. To improve liquidity, Lucid expanded its loan line from Saudi Arabia’s Public Investment Fund from $750 million to approximately $2 billion, ending the quarter with total liquidity of $5.5 billion.
Lucid’s interim CEO, Mark Winterhoff, acknowledged ongoing supply chain issues affecting the launch of their new flagship SUV, the Gravity, which they aim to ramp up production for in the fourth quarter. The company also noted key partnerships with Uber and Nvidia to support future developments.
In contrast, Rivian Automotive, a peer in the EV market, reported profitable results, highlighting Lucid’s ongoing challenges amidst a broader slowdown in EV demand. Lucid’s stock has struggled, down over 40% this year, following a significant reverse stock split.
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