Lucid announces Q3 2022 financial results
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Lucid announces Q3 2022 financial results; generates USD 195 million in revenue in Q3.

In Q3 2022, Lucid achieved its record quarterly production of 2,282 EVs, which keeps the company on track to achieve its 2022 production target of 6,000-7,000 vehicles.

EV manufacturer Lucid announced its Q3 2022 financial results. In the third quarter, Lucid generated a revenue of $195.5 million on deliveries of 1,398 vehicles.

In Q3 2022, Lucid achieved its record quarterly production of 2,282 EVs and delivered 1,398. These numbers keep the company on track to achieve its 2022 production target of 6,000-7,000 vehicles.

The Company also reported strong customer demand for Lucid Air, with reservations of over 34,000, as of November 7, 2022, representing potential sales of over $3.2 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia. Lucid ended the quarter with approximately $3.85 billion cash, cash equivalents, and investments, which is expected to fund the Company at least into the fourth quarter of 2023. Lucid is also planning to open reservations for Project Gravity SUV in early 2023.

Peter Rawlinson, Lucid’s CEO and CTO, said: I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had a record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2. I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp-up.

Sherry House, Lucid’s CFO, said: We continue to have strong demand with over 34,000 reservations as of November 7, 2022. We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp.

Also Read: Audi reveals the new Q8 e-tron with improved efficiency and range.

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