Lucid To Open Reservations For Project Gravity SUV In Early 2023 via insideevs.com
Lucid Group has announced financial results for the third quarter of 2022, reporting a net loss of $670 million and revenue of $195.5 million on deliveries of 1,398 vehicles.
The net loss has widened compared to the $524 million reported after the first three quarters of 2021, while revenue exploded compared to just $232,000 in the same period last year., more than triple the second-quarter results. Lucid says it remains on track to reach an annual production of 6,000 to 7,000 vehicles; the 2022 production target has already been slashed twice from an initial goal of 20,000 units.
The EV startup ended the third quarter with approximately $3.85 billion in cash, cash equivalents, and investments, which“I'm delighted to say that we've made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2.
The EV maker reported strong customer demand for the Lucid Air, with reservations exceeding 34,000 as of November 7, 2022, representing potential sales of over $3.2 billion. This number does not include the
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