The Blubber

Lucid, $LCID, lost 433,081 per car sold during the quarter.

Lucid Motors recently disclosed its third-quarter earnings, revealing a revenue of $137.8 million, following the previous month's announcement that it delivered 1,457 units and produced 1,550 vehicles during the quarter. The electric vehicle (EV) manufacturer also revised its 2023 production outlook, reducing it to a range of 8,000 to 8,500 units from its previous goal of 10,000 units.

Compared to analyst consensus expectations of $185.1 million in revenue, Lucid's revenue represents a 30% year-over-year decrease, resulting in a revenue miss. The company reported earnings per share (EPS) of -$0.28, narrowing the net loss compared to last year's Q3 figure of -$0.40 per share, which was also better than the estimated -$0.36 EPS.

Lucid incurred a net loss of $631 million in the third quarter, marking a 19% year-over-year increase. The company reported a per-vehicle loss of $433,081 for Q3, an improvement from the $544,159 loss per vehicle reported for Q2. Lucid's non-GAAP free cash flow decreased to $706,099 from $859,530 in the same quarter the previous year.

In the second quarter, Lucid reported $150.9 million in revenue, which also fell short of consensus analyst estimates.

The company highlighted several achievements during the third quarter, including the production of its ultra-luxury Air Sapphire sedans and Air Pure RWD vehicles, finalizing a transaction with Aston Martin to supply electric powertrains, and appointing a Chief Operating Officer. Lucid's upcoming Gravity SUV, scheduled for unveiling at the LA Auto Show on November 16, is expected to commence production in late 2024.

Sherry House, Lucid's CFO, stated that the company is experiencing results from its targeted marketing approach, with most new demand coming from customers who first engaged with Lucid in the quarter. Additionally, cost control efforts initiated in the first half of the year have yielded progress, and further opportunities for 2024 have been identified. The company ended the third quarter with approximately $5.45 billion in liquidity, supporting its future milestones, including Gravity production and beyond into 2025.