Luxury Electric Vehicle Startup Loses Over $500,000 on Every Vehicle It Sells
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…
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.
“We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin,” said Peter Rawlinson, Lucid’s CEO and Chief Technology Officer.