Electric vehicle maker Lucid reports third-quarter loss, confirms it's on track to meet production guidance

Electric conveyance shaper Lucid Group connected Tuesday reported that it mislaid $530 cardinal successful the 3rd 4th and confirmed that it's inactive connected way to marque betwixt 6,000 and 7,000 of its Air luxury sedans successful 2022.

Shares were down 3% successful after-market trading.

Here's what the institution reported:

• Revenue: $195.5 million, versus $232,000 successful the year-ago quarter, erstwhile it was opening accumulation of the Air sedan.
• Loss per share: 40 cents, versus a nonaccomplishment of 43 cents successful the year-ago period.

On Oct. 12, Lucid said that it produced 2,282 vehicles and delivered 1,398 vehicles to customers successful the 3rd quarter. CFO Sherry House told CNBC successful an interrogation that galore of the remaining vehicles are successful transit to customers, and that the company's accumulation totals whitethorn transcend deliveries for the adjacent fewer quarters arsenic it ramps up production.

Lucid besides confirmed that it plans to unfastened reservations for its adjacent vehicle, an electrical luxury SUV previewed by its Project Gravity amusement vehicle, aboriginal adjacent year.

Lucid said that it had "over 34,000" reservations arsenic of Nov. 7. When it past reported its preservation total, connected Aug. 3, it had "over 37,000" lawsuit reservations. Lucid said successful April that Saudi Arabia's authorities had agreed to bargain up to 100,000 of its vehicles over the adjacent 10 years; those vehicles aren't included successful the preservation totals.

The institution said it ended the 3rd 4th with $3.85 cardinal of cash, down from $4.6 cardinal arsenic of June 30.

Lucid told investors successful August that it expects to present betwixt 6,000 and 7,000 vehicles successful 2022, down from its earlier forecast of 12,000 to 14,000 vehicles. It reiterated that lowered anticipation successful October and confirmed it again connected Tuesday.