Luxury Electric Vehicle Startup Loses Over $500,000 on Every Vehicle It Sells

thefederalistpapers.org ^ | August 8, 2023 | Jack Davis

[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.

[Gay State Conservative]

There’s a Lucid “dealership” that recently opened up in my town. My town is comfortable...certainly middle class...but it’s surrounded on three sides by obscenely affluent (and “progressive”) towns. We’ll see how long it lasts.