Lucid Motors is Doomed

Lucid Group Inc. LCID, fell more than 11% in after-hours trading after they dropped 2022 production volume to be 6,000 vehicles or half of the 2022 expectation in May. “Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Chief Executive Peter Rawlinson said in a statement. “We’ve identified the primary…
Lucid Motors is Doomed


Lucid Group Inc. LCID, fell more than 11% in after-hours trading after they dropped 2022 production volume to be 6,000 vehicles or half of the 2022 expectation in May.

“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Chief Executive Peter Rawlinson said in a statement. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.”

Lucid reported a second-quarter loss of $555.3 million, or 33 cents a share, on revenue of $97.3 million, after a loss of $1.17 a share on no revenue a year ago.

Lucid is spending $650 for every $100 that they make.

Analysts on average were expecting a loss of 39 cents a share on sales of $145 million, according to FactSet. Lucid reported the delivery of 679 vehicles, up from 360 the quarter before, as the company continues to roll out early versions of its Lucid Air luxury sedan. Reservations for vehicles now top 37,000, up from 30,000 reported three months ago.

Lucid will spend $2 billion on a factory and is burning $1-2 billion a year in operations.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Gigatexas Will Scale to Over 1 Million Cars Per Year
Read More

Gigatexas Will Scale to Over 1 Million Cars Per Year

Elon Musk and Tesla opened Gigatexas yesterday. Here are some highlights from Elon’s talk and from the Teslacon panels. * Elon indicated that Gigatexas will scale to over 1 million cars per year * Cybertruck is pretty much in its final form and will be in production in 2023 * Cybertruck has no door handles.…
SpaceX Building 480-Foot-Tall Rocket Catching Robot
Read More

SpaceX Building 480-Foot-Tall Rocket Catching Robot

SpaceX is making a 480-foot-tall giant robot with arms that will catch giant rockets. It is insanely cool. Sci-fi made real. But moon landings were already insanely cool. The difference is with this working we have almost a thousand launches per month from the same launch pad versus at most one today. This means rockets…
Holly Childs & Gediminas Žygus pen a love letter to Odesa amidst planetary emergency with ‘, Throw’
Read More

Holly Childs & Gediminas Žygus pen a love letter to Odesa amidst planetary emergency with ‘, Throw’

Developed from a poem written in heat of the summer by Childs on visiting Odesa, Ukraine back in 2018. For the 2022 edition of Rewire Festival, writer and artist Holly Childs and composer and sound artist Gediminas Žygus commissioned a new video work from filmmakers Marijn Degenaar and Nicola Baratto, to accompany a new live…