The Californian brand Lucid has just published its quarterly results. They are not good. The company is lowering its production targets for 2023. The manufacturer is making increasingly significant losses and sales are not meeting expectations.
During the third quarter of 2023, the American company faced a “ strong competition in the high-end electric vehicle market “. A segment increasingly popular with manufacturers. Lucid is even forced to scale back its plans. Initially, the brand planned to manufacture between 10,000 and 14,000 cars this year. Ultimately, this figure will be between 8,000 and 8,500.
Lucid – “The money hemorrhage” continues and sales plateau
Between July and September 2023, the Californian company delivered 1,456 electric cars. This is slightly better than the 1,404 models distributed in the second quarter. But the number of deliveries has been in free fall since the peak of 1,932 vehicles sold in the fourth quarter of 2022. Since this record, the brand has not managed to do better and production has even fallen by almost 50%. Factories peaked at 3,493 models produced during the fourth quarter of 2022, compared to only 1,550 in the third quarter of 2023.
700 million losses
Lucid CEO Peter Rawlinson said the company still had “ work regarding the customer journey and deliveries “. The brand’s turnover does not reach ” what » 128 million euros between July and September. This is much less than the 182 million euros made last year over the same period. Operating losses have widened and now reach 700 million euros at Lucid, compared to 642 million euros last year. The brand lost around 400,000 euros on each vehicle sold during the third quarter (this is much more than Ford).
The boss of Lucid promises to launch a model for less than 50,000 euros before 2030
The situation is worrying and Sherry House, CFO at Lucid, knows it. Despite everything, she says the company has implemented a “ cost control program » and that this should make it possible to “ take us to our next major milestone, production of Gravity, and beyond “. In the meantime, Lucid had no choice but to reduce the price of the Air. The price of the model has dropped by 10,000 euros. The brand is not giving up and is counting on the launch of its first electric SUV, the Gravity, to get its head above water.
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