Lucid Group Inc (NASDAQ:LCID) reported financial results for the third quarter after the market close on Wednesday. Here’s a rundown of the report.
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Q3 Highlights: Lucid reported third-quarter revenue of $336.58 million, missing analyst estimates of $379.11 million, according to Benzinga Pro. The electric vehicle maker reported a third-quarter adjusted loss of $2.65 per share, missing estimates for a loss of $2.27 per share.
Lucid said it produced 3,891 vehicles in the third quarter, with more than 1,000 additional vehicles built for Saudi Arabia for final assembly. The company delivered 4,078 vehicles in the period. Year-to-date, Lucid has now produced 9.966 vehicles and delivered 10,496 vehicles.
Lucid exited the quarter with approximately $4.2 billion in total liquidity. Subsequent to quarter’s end, the Public Investment Fund and Lucid agreed to increase the delayed draw term loan credit facility from $750 million to approximately $2 billion, bringing Lucid’s liquidity up to $5.5 billion.
“Our team remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry,” said Marc Winterhoff, interim CEO of Lucid.
“At the same time, we continue to advance our position in autonomy and intelligent mobility, from our robotaxi partnership to our new collaboration with NVIDIA, positioning Lucid to be among the first to bring Level 4 autonomous driving to privately owned passenger vehicles.”
The Road Ahead: Lucid did not provide an update on its total production forecast for 2025. The company said last quarter that it was targeting total production of 18,000 to 20,000 vehicles for 2025.
In connection with earnings, Lucid announced that it appointed Emad Dlala as senior vice president of engineering and digital. Erwin Raphael has been elevated to senior vice president of revenue, with expanded global responsibilities, and Marnie Levergood has been appointed as senior vice president of quality. Eric Bach, senior vice president of product and chief engineer, has left the company.
Lucid said these organizational changes are designed to accelerate growth, streamline decision-making and enhance accountability as the company scales globally.
Lucid executives will further discuss the company’s quarterly results on an earnings call at 5:30 p.m. ET.
LCID Price Action: Lucid shares were down 3.60% in after-hours on Wednesday, trading at $16.62 at the time of publication, according to Benzinga Pro.
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Image: courtesy of Lucid.
