![]() We continue to have a strong balance sheet, closing the quarter with $4.6 billion cash, cash equivalents and investments, which we believe is sufficient to fund the company well into 2023," said Sherry House, Lucid CFO. "Our Q2 revenue was $97.3 million, primarily driven by higher customer deliveries of Lucid Air vehicles. Lucid's Air sedan is its only model at the moment, by contrast, though the company indicates it has a financial cushion big enough to weather the slow pace of production. Lucid to Build up to 100,000 EVs for Saudi Arabia But one difference is that Tesla was producing the Model S and the Model X at the time as well, and could rely on that revenue to a certain extent. ![]() The first few months of production saw merely hundreds of units completed at times by hand, which produced a tremendous cash drain for Tesla. Lucid's problems are hardly unique at the moment, though the scale of the company's second-quarter output will surely give some industry watchers flashbacks to the summer of 2017, as Tesla Model 3 production was starting up. This week the EV maker has appointed a new senior vice president of operations, Steven David, who will serve in this newly created role, bringing experience from Stellantis. We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we shall overcome these near-term challenges." "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. "Our revised production guidance reflects the extraordinary supply-chain and logistics challenges we encountered," said Peter Rawlinson, Lucid’s CEO and CTO. That's a serious dent for an automaker that has some 37,000 reservations for various versions of the Air, many of them priced north of $100,000. ![]() ![]() Lucid Air May Be the Most Efficient Electric CarĪt one point a year ago Lucid seemed to be in an enviable position as it began producing its long-awaited Air sedan, but it now appears to have quickly hit a wall, delivering just 679 sedans in the second quarter. ![]()
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