According to Reuters, electric vehicle manufacturer Lucid’s revenue in the third quarter of this year exceeded Wall Street expectations, and the company reiterated its annual production forecast thanks to strong market demand for its luxury electric cars.
Lucid’s share price subsequently rose 8% in after-hours trading.
, Photo source: Lucid, last quarter, Lucid’s revenue was US$200 million, slightly higher than market expectations of US$198 million.
gross margin was negative 106.
2%, compared with negative 134.
5% in the previous quarter.
net loss widened from the same period last year, with net loss per share of US$0.41 (U.S. GAAP).
cash and cash equivalents were US$1.
89 billion, compared with US$1.
35 billion in the previous quarter.
Gagan Dhingra, the company’s interim chief financial officer, said,”Our cost-cutting measures have achieved results and gross margin performance continues to improve.
” The company delivered 2,781 vehicles in the third quarter, an increase of 90.
9% compared with the third quarter of 2023.
but production continued to decline, with only 1,805 vehicles produced.
Currently, Lucid still expects its full year of 2024 production to reach 9,000 vehicles.
Combined with production data for the first two quarters of this year, the company must produce 3,357 vehicles in the last three months of this year to meet its goal.
, Reuters reported that Lucid’s good revenue performance is because the company is cutting prices sharply and offering incentives such as cheaper loans to attract consumers who tend to buy lower-priced hybrid cars due to high interest rates.
According to Reuters, Lucid is still losing tens of thousands of dollars per vehicle.
On November 7, Lucid began accepting orders for Gravity SUV models, hoping to enter the lucrative SUV market and seize some market share from Rivian and electric vehicle giant Tesla.
, Lucid CEO Peter Rawlinson said that last month, Lucid announced a public and private offering of approximately 637 million shares, raising $1.
75 billion, which will provide the company with cash flow until 2026.
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