California-based automaker Lucid reported third quarter results on Tuesday, and the numbers aren’t great. The company announced that it built 1,550 Air sedans in Q3, and delivered 1,456 to customers. Each of those cars delivered accounted for $433,000 worth of red ink on the company’s balance sheets, which is particularly rough as the car has a starting price of just $77,400.
Lucid entered 2023 with a goal of selling around 14,000 cars, but waning demand for the EV sedan is causing Lucid to reduce expectations to just 8,500-ish units with just October, November, and December left to be accounted for. The company is rushing to get its Gravity electric SUV to market sooner than later, as it knows competitor Tesla sells about twice as many Model Y crossovers as it does Model 3 sedans.
Things will probably get worse for the automaker before they get better. The Q3 report also states that Lucid has about $5.5 billion of liquidity runway, so it’s not in danger of going belly up any time soon, but it really has to hope the Gravity is a sales success, and it can ramp up production across the board.
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