On May 24, 2024, in San Francisco, California, the new Lucid electric vehicle was parked in front of the Lucid Studio showroom.
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electric car manufacturer sobriety group The automaker slightly beat Wall Street’s third-quarter forecasts as it cut costs ahead of plans to start production of its new SUV late this year.
Here’s how the company performed for the quarter compared to average estimates compiled by the London Stock Exchange Group (LSEG):
- Loss per share: Adjusted 28 cents Expected loss of 30 cents
- income: $200 million vs. $198 million expected
The company’s third-quarter net loss widened to $992.5 million. This compares with a loss of $630.9 million in the same period last year.
In the third quarter, the automaker’s research and development costs were US$324.4 million, and selling, general and administrative costs were US$233.6 million, an increase of 40.1% and 23.1% respectively compared with the same period last year.
The company reiterated its plan to produce about 9,000 vehicles this year, a 6.8% increase from 8,428 vehicles in 2023.
Lucid said it had total liquidity of $5.16 billion at the end of the quarter. This rules out a $1.75 billion worth of stock Last month’s offering and financing surprised many investors.
Lucid, Rivian, and Tesla Stocks in 2024.
Lucid’s shares have been under pressure this year amid widening losses, slower-than-expected sales and a massive cash burn. The company’s shares are down about 45% this year, including an 18% drop after the latest funding round, their worst one-day drop since December 2021.
Rawlinson previously told CNBC public sale The acquisition of nearly 262.5 million shares of common stock is a timely strategic business decision to ensure that the electric vehicle company has sufficient capital to support its continued operations and growth plans.
The company reiterated on Thursday that its existing funding now secures its capital until 2026 before launching a new mid-sized platform later that year.
Lucid is currently in the midst of a highly capital-intensive investment period as it expands its only U.S. factory in Arizona; builds a second factory in Saudi Arabia; and prepares to launch its second product, an SUV called Gravity. develop next-generation powertrains; and build its retail and service network.
The company said on its second-quarter earnings call that it expects capital expenditures of $1.3 billion this year, down from its previous guidance of $1.5 billion, due to cost-cutting measures.
Lucid reported third-quarter results Thursday afternoon after opening orders Upcoming Gravity SUV Consumer-grade production is expected to begin by the end of this year.
