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 ...
They’ll make it up on volume.
How much $$$$ in US tax dollars has the company been promised ?
> 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.)
Pardon me, but I don’t think Ford or Olds or even Packard started this way….
Just another scam like wind turbine, and solar panel companies.
Yeah, but they’re going to make it up in volume says liberal economics.
Whoever burns through investor money fastest to gain market share.....wins.
beautiful car, but they need to cut the price in half to make it affordable. The cheapest model is 80K+
For $544k one could get a very nice Rolls, Bentley, Maybach etc if one is inclined to luxury end of the market.
I won't buy one, so it loses nothing.
“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.
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
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.
“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
Ford also loses thousands on every ev it makes.
When they’re hiring their executive management do they put “only idiots need apply” in their ads?
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