A brand new Lucid electric car is parked in front of the Lucid Studio showroom on May 24, 2024 in San Francisco.
Justin Sullivan | Getty Images
Detroit – lucid group The company missed Wall Street expectations for the second straight quarter as the all-electric vehicle maker continues to deal with issues with the launch of its new flagship SUV, the Gravity.
The company also lowered the upper limit of its annual production outlook to about 18,000 units for the second consecutive quarter from its previous forecast of 18,000 to 20,000 units. The original goal for this year was 20,000 units. The company also reduced its lower target for capital expenditures by $100 million to between $1 billion and $1.2 billion.
Here’s how the company performed in the third quarter compared to average estimates compiled by LSEG:
Loss per share: $2.65 adjusted, $2.27 expected Lost earnings: $336.6 million, $379.1 million expected
Lucid reported a net loss of $978.4 million, or $3.31 per share, for the quarter. This compared to a net loss of $992.5 million, or $4.09 per share, in the year-ago period. Adjusted for restructuring and other one-time items, the company had a loss of $2.65 per share.
The company’s adjusted earnings, excluding interest, taxes and depreciation, were a loss of $717.7 million, compared with an expected loss of $597.4 million, according to estimates compiled by Street Accounts. Its losses widened by 17% year-on-year. Quarterly sales increased approximately 68% from $200 million in the same period last year.
Quarterly sales increased approximately 68% from $200 million in the same period last year.
In addition to announcing its third quarter results, Lucid announced that it has agreed to increase its past-due loan line of credit from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder, from $750 million to approximately $2 billion.
The company reported total liquidity of $5.5 billion at the end of the quarter, including undrawn credit facilities. The company said cash and cash equivalents were roughly flat from the end of last year at $1.6 billion, with total financial runway through the first half of 2027.
Lucid also said it is continuing to evaluate financing and liquidity options outside the PIF in preparation for the launch of its Gravity SUV and the development of a mid-size vehicle, which is expected to be in production by at least the second half of next year.
Self-driving robotaxis in partnership with Uber, Lucid and self-driving car startup Nuro.
Provided by: Nick Twerk | Lucid
Regarding Gravity, Lucid interim CEO Mark Winterhoff said the company “remains focused on scaling production and addressing the significant supply chain disruptions impacting the entire industry.”
In the company’s last quarterly results in August, Winterhoff acknowledged that Gravity had problems and said the company plans to significantly increase production in the second half of the year.
Winterhoff told investors on Wednesday that the company continues to believe it can significantly increase Gravity deliveries during the fourth quarter, despite supply chain issues and a slowdown in EV demand across the industry.
Taoufiq Boussaid, Lucid’s CFO, said Gravity’s production increased quarter-on-quarter but remains at an insignificant level.
The earnings release comes about a month after Lucid reported third-quarter deliveries of 4,078 vehicles, which was up from a year ago but also slightly below Wall Street expectations.
Lucid announced several partnerships this year. In July, the company signed a $300 million deal with Uber. This includes the ride-hailing platform acquiring and deploying more than 20,000 Lucid Gravity SUVs over the next six years, equipped with self-driving technology from startup Nuro. Recently, we announced an expansion of our partnership with. Nvidia For autonomous vehicle technology.
Lucid’s performance stands in stark contrast to fellow pure EV companies Rivian Automotivereported third-quarter profit and revenue on Tuesday that beat Wall Street expectations, pushing the stock higher in intraday trading Wednesday.
Rivian stock is up about 16% in 2025 after a near-record gain on Wednesday, while Lucid is still down more than 40%, including a 10-to-1 reverse stock split this summer.
