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Luxury Electric Vehicle Startup Loses Over $500,000 on Every Vehicle It Sells
thefederalistpapers.org ^ | August 8, 2023 | Jack Davis

Posted on 08/09/2023 6:11:54 PM PDT by lowbridge

Electric vehicle maker Lucid is not in the fast lane to profitability based on a new report.

Lucid, which targets the luxury end of the EV market, reported it brought in $150.9 million after selling 1,404 vehicles in quarter 2 and expects to hit its production goal of at least 10,000 vehicles this year, the company announced in a news release posted on its website.

Far down in a copy of the presentation used for its earnings call, there were some other numbers. Some looked good — such as the $150.9 million in revenue.

Then came the cost of making that money, which was listed at $555.8 million. Another $431.2 million was spent on research and development and other costs, while the only other revenue was $71.9 million from other sources.

Put it all together, and it spelled a $764.2 million loss for the quarter.

What that means is that for every car sold, the company averages losing $544,301.

However, the company’s release was upbeat.

(Excerpt) Read more at thefederalistpapers.org ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: anotherscam; automotive; electric; ev; globalwarminghoax; lucid
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1 posted on 08/09/2023 6:11:54 PM PDT by lowbridge
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To: lowbridge

They’ll make it up on volume.


2 posted on 08/09/2023 6:13:16 PM PDT by ClearCase_guy (It's not a government. It's a criminal enterprise. Fear it, but do not respect it.)
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To: ClearCase_guy

3 posted on 08/09/2023 6:15:48 PM PDT by EEGator
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To: lowbridge

How much $$$$ in US tax dollars has the company been promised ?


4 posted on 08/09/2023 6:16:37 PM PDT by no-to-illegals (The enemy has US surrounded. May God have mercy on them. )
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To: lowbridge

> for every car sold, the company averages losing $544,301 <

Looks like another government intervention is needed here. After all, DC knows much more than the free market does. Perhaps Lucid should be awarded $544,302 for every EV they sell.

(I threw in an extra dollar there to give Lucid an overall profit. Investors love companies that make a profit.)


5 posted on 08/09/2023 6:18:23 PM PDT by Leaning Right (The steal is real.)
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To: lowbridge

Pardon me, but I don’t think Ford or Olds or even Packard started this way….


6 posted on 08/09/2023 6:18:37 PM PDT by Rummyfan (In any war between the civilized man and the savage, support the civilized of man.)
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To: lowbridge

Just another scam like wind turbine, and solar panel companies.


7 posted on 08/09/2023 6:24:09 PM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: lowbridge

Yeah, but they’re going to make it up in volume says liberal economics.


8 posted on 08/09/2023 6:24:20 PM PDT by libertylover (Our biggest problem, by far, is that almost all of big media is AGENDA-DRIVEN, not-truth driven.)
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To: ClearCase_guy
They’ll make it up on volume.

Whoever burns through investor money fastest to gain market share.....wins.

9 posted on 08/09/2023 6:24:23 PM PDT by PGR88
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To: lowbridge

beautiful car, but they need to cut the price in half to make it affordable. The cheapest model is 80K+


10 posted on 08/09/2023 6:25:03 PM PDT by TexasFreeper2009
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To: lowbridge
gooder-climate-weather


11 posted on 08/09/2023 6:26:38 PM PDT by PGR88
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To: lowbridge

For $544k one could get a very nice Rolls, Bentley, Maybach etc if one is inclined to luxury end of the market.


12 posted on 08/09/2023 6:26:58 PM PDT by xp38
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To: lowbridge
I can absolutely help out this helpless company.

I won't buy one, so it loses nothing.

13 posted on 08/09/2023 6:27:08 PM PDT by Seaplaner (Never give in. Never give in. Never, never, never...in nothing, great or small...Winston ChurchIill)
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To: lowbridge

“after selling 1,404 vehicles in quarter 2 and expects to hit its production goal of at least 10,000 vehicles this year”

I’m calling bull$it, doubt the bought off financial analysis are doing the same.


14 posted on 08/09/2023 6:29:10 PM PDT by DAC21
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To: lowbridge

https://cars.usnews.com/cars-trucks/lucid/air

How Much is a 2023 Lucid Air?

The 2023 Lucid Air luxury sedan is available in five trim levels, with performance being the main difference between each model. The lineup starts with the Lucid Air Pure at $87,400, which has a single-motor, rear-wheel-drive layout with 430 horsepower. It costs an extra $5,500 to step up to the dual-motor, all-wheel-drive version with 480 horsepower. All-wheel drive is standard on all upper trims. Starting at $107,400, the Lucid Air Touring boasts 620 horsepower. Next up the ladder are the 819-horsepower Lucid Air Grand Touring (MSRP: $138,000) and the 1,050-horsepower Grand Touring Performance ($179,000). Topping the lineup is the 1,200-plus-horsepower Lucid Air Sapphire, which starts at $249,000.

Pricing by Model
Trim
Price
Touring
$107,400

Grand Touring
$138,000

Grand Touring Performance
$179,000

Pure
$87,400 - $92,900


15 posted on 08/09/2023 6:31:26 PM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: lowbridge

A few days ago, Proterra announced bankruptcy. They burned through all the government $$$. Just wait. Proterra will ‘reorganize’ and a brand new, innovative, cutting-edge company will be announced, with much fanfare, said to be breaking new ground with taxpayer $$$. The name of this new, exciting company?

TerraPro!

All the executives and board of directors will be the most woke of the woke. Transsexual transvestites will abound. Like Hunter Biden, they will have no knowledge or experience in, well, anything, but their dedication to Marxism and record donations to democRATS will lead the way, until all the taxpayer $$$ run out.


16 posted on 08/09/2023 6:32:54 PM PDT by Ronaldus Magnus III (Do, or do not, there is no try)
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To: PGR88

17 posted on 08/09/2023 6:33:27 PM PDT by EEGator
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To: ClearCase_guy

“They’ll make it up on volume.”

I see what you did there — the half-mil vehicle has a 50 kw sound system which when cranked up, breaks the sound barrier

Cool


18 posted on 08/09/2023 6:38:41 PM PDT by George from New England
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To: lowbridge

Ford also loses thousands on every ev it makes.


19 posted on 08/09/2023 6:40:00 PM PDT by Secret Agent Man (Gone Galt; not averse to Going Bronson.)
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To: lowbridge

When they’re hiring their executive management do they put “only idiots need apply” in their ads?


20 posted on 08/09/2023 6:41:23 PM PDT by WKUHilltopper
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