Lucid has reported poor sales in Q3 2023: fewer than 1,500 cars. Bloomberg believes the company may be losing as much as $338,000 for every vehicle produced, which could put it into a precarious financial position.
The budding EV manufacturer has been struggling to reach the planned production volumes for a long time now. In the past quarter, the company pieced together just 1,550 Air EVs and sold 1,457, a decline from the second quarter’s 2,173 units. The company pointed out that it exported 700 car kits in crates to be assembled in Saudi Arabia in Q3. This sounds reassuring, but even with these 700 export units factored in, the total falls short of Lucid’s annual target of 10,000 units or more.
Per Bloomberg, the investors are concerned with the performance of Lucid Motors and have already reacted to the news with a small drop of share value. Following this report, the shares have fallen by 2.5%. The decline since the beginning of the year has reached 25%, and the current traded value is 91% less than the peak value at the date of listing. If this downward trend continues, the company runs a very real risk of going bankrupt.
Lucid says it will make a detailed statement about the situation in early November, when its quarterly profit report gets published.