Lucid Motors has released its Q3 2023 earnings, and continuing a worrying trend seen throughout the year, the results were not positive. To go along with the weak financials, Lucid has again cut its production [...]
On the financial side of things, Lucid’s Q3 revenue amounted to $137.8 million, significantly below Wall Street’s projected $183.8 million. This was also 29.5% lower than the revenue Lucid reported in the same quarter last year.
A startup with revenue that is both low and declining. Amazing.
Lucid also lowered its 2023 production guidance for the second time this year. After originally hoping to build as many as 14,000 vehicles, Lucid says it will now only make between 8,000 and 8,500 vehicles in 2023 in order to “prudently align with deliveries.” Through Q3 Lucid had produced 6,037 Air sedans, but sold only 4,267 of those.
Absolutely brutal, no other way to put it.
If Lucid didn’t have massive Saudi money behind them, they would likely be bankrupt or close to it. Unfortunately, the Gravity isn’t going to solve any of their problems—it’s another extremely expensive model that will have a very limited market.
If Lucid wants to have any hope of staying relevant, they need to pivot to something much cheaper much faster. I have very little faith that they can successfully do that by this point.
A startup with revenue that is both low and declining. Amazing.
Absolutely brutal, no other way to put it.
If Lucid didn’t have massive Saudi money behind them, they would likely be bankrupt or close to it. Unfortunately, the Gravity isn’t going to solve any of their problems—it’s another extremely expensive model that will have a very limited market.
If Lucid wants to have any hope of staying relevant, they need to pivot to something much cheaper much faster. I have very little faith that they can successfully do that by this point.