Lucid reports Q3 loss of $530 million, confirms 2022 production goals

Lucid Motors released its third-quarter financial results on Tuesday, reporting the company tripled the number of Air EVs produced compared with last quarter. The electric vehicle maker said it remains on track to meet its revised output goal of 6,000 to 7,000 vehicles for the year.

Lucid’s third-quarter revenue totaled $195.5 million, accounting for half of the company’s year-to-date total. Cash and equivalents dropped during the third quarter but didn’t drastically affect the company’s long-term debt.

Losses from operations grew during Q3. However, the company is still working to reach total production at its AMP-1 facilities in Arizona.

Lucid said it still has 34,000 reservations for the Air, the equivalent of $3.2 billion in sales and a number that far exceeds the company’s current production output. Lucid announced up to 100,000 Air reservations for the Saudi Arabian government this past April, with expectations of delivery of those vehicles over the next decade.

The company also announced it would begin taking reservations for its electric SUV, Project Gravity, starting early next year. Lucid is scheduled to host a live stream event on November 15 to unveil its second EV model.

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