Lucid Group Inc. reported a third-quarter net loss of $670 million but reiterated its production goal of 6,000 to 7,000 units of its Air electric sedan this year after dealing with supply chain issues and growing pains as an EV startup.
The company's stock price fell 13 percent to $11.79 in after-market trading after Lucid posted the results.
The automaker reported revenue of $196 million in the quarter, compared with just $232,000 a year earlier, the company said. Lucid launched the Air sedan in the fourth quarter of 2021 from its factory in Arizona but has repeatedly cut its production goals.
Lucid CEO Peter Rawlinson said on Tuesday’s earnings call that the automaker continues to struggle with supply-chain issues but expects to meet its 2022 production guidance despite the challenges.
“In fact,” Rawlinson said, “even now we are experiencing a challenge with one particular item that will lead to a very temporary timeout for the [production] line.” Rawlinson did not name the item in short supply but said the downtime would be used to implement changes that would ultimately increase production.
The automaker's original production goal for 2022 was 20,000 vehicles.
Earlier Tuesday, Rawlinson said in a statement that weekly production and deliveries had expanded significantly in the third quarter.
"We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2," Rawlinson said. "I'm also pleased to announce that we've now proven our ability to produce 300 cars a week."
Lucid also said it will open reservations for its second vehicle next year, with deliveries estimated to start in 2024.
"We continue to have strong demand with over 34,000 reservations as of November 7, 2022," said CFO Sherry House. "We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market."
The EV startup launched last year with the limited-run Air Dream Edition, starting at $170,500 with shipping, before debuting the Air Grand Touring with a starting price of $155,650.
Lucid said that it will launch two new Air versions at a Nov. 15 event in Los Angeles. The new trims are the Air Pure, starting at $89,050 with shipping, and the Air Touring, starting at $109,050.
Lucid said in a press release last week: "The online event will also feature exciting announcements about the Lucid business and future models, including the Project Gravity SUV that reimagines the luxury SUV."