Electric vehicle startup Lucid said Sept. 28, 2021, that production of its first cars for customers has begun at its factory in Casa Grande, Arizona.
Electric vehicle manufacturer Lucid Group announced on Tuesday that it lost $530 million in the third quarter, but confirmed that it was still on track to manufacture between 6,000 and 7,000 of its Air luxury sedans in 2022.
The company also revealed plans to raise $1.5 billion from investors, including a large new investment from the Saudi state fund, which currently owns around 60% of Lucid.
Shares were down more than 13% in aftermarket trading.
Here’s what the company reported:
- Revenue: $195.5 million, compared to $232,000 in the prior year quarter when Air sedan production began.
- Loss per share: 40 cents, compared to a loss of 43 cents last year.
On October 12, Lucid said it produced 2,282 vehicles and delivered 1,398 vehicles to customers in the third quarter. CFO Sherry House told CNBC in an interview that many of the remaining vehicles are in transit to customers and the company’s production totals could exceed deliveries for the next few quarters as it ramps up production. .
Lucid also confirmed that it plans to open reservations for its next vehicle, an electric luxury SUV previewed by its Project Gravity show vehicle, early next year.
Lucid said he had “over 34,000” bookings as of Nov. 7. When its booking total was last released on August 3, it had “over 37,000” customer bookings. Lucid said in April that the Saudi government had agreed to purchase up to 100,000 of its vehicles over the next 10 years; these vehicles are not included in the total reservations.
The company said it ended the third quarter with $3.85 billion in cash, up from $4.6 billion as of June 30. Its plan to bolster its reserves by about $1.5 billion includes $915 million from a series of new investments from the Saudi public fund, and $600 million through a traditional secondary equity offering. The funding round is structured to maintain the Saudi public fund’s stake in Lucid at its current level.
Lucid confirmed it was still on track to meet the revised production forecast it first gave in August, when it said it expected to produce between 6,000 and 7,000 vehicles in 2022, despite continued supply chain disruptions.