Lucid Earnings Report: Announcment of the Third Quarter 2023 Financial Results
Earnings Report of the Q3 revenue of $137.8 million, driven by the delivery of 1,457 vehicles during the quarter has reported by Lucid. Production milestones were achieved with the commencement of the Lucid Air Pure RWD and Lucid Air Sapphire in September, which marked the completion of the Lucid Air lineup. General assembly production has shifted to Phase 2 of Lucid's factory in Arizona. In addition to this, Lucid closed the transaction with Aston Martin and initiated a strategic technology arrangement.
Lucid also expressed enthusiasm for the upcoming launch of the Lucid Gravity.The much-anticipated Lucid Gravity, a luxury electric SUV, is scheduled to be unveiled on November 16 at the LA Auto Show, with production expected to commence in late 2024. As part of their strategic planning, Lucid has revised its production outlook for 2023 to 8,000 – 8,500 vehicles, aligning it with deliveries to maintain prudence.
Lucid emphasized their effective marketing strategy, cost control program, and robust liquidity position, boasting approximately $5.45 billion, which positions the company strongly for future milestones and the production of the Lucid Gravity.