Lucid posts $200M Q3 revenue, beats Wall Street analysts’ expectations

Electric carmaker Lucid posted third-quarter revenue that was slightly above Wall Street analysts’ expectations, and the company revealed cost cuts ahead of its plans to start consumer production of a new SUV by the end of the year.

The company reported revenue of $200 million for the quarter, versus an expected $198 million. The company’s net loss for the third quarter widened to $992.5 million from a loss of $630.9 million in the same period a year earlier.

The company’s shares rose more than 6% in extended trading after Thursday’s trading session on Wall Street.

The automaker’s costs of $324.4 million in research and development and $233.6 million in selling and general administration for the third quarter were up 40.1% and 23.1%, respectively, from a year earlier.

The company reiterated its plans to produce nearly 9,000 vehicles this year, up 6.8% from 8,428 units in 2023. Lucid said it had $5.16 billion in total liquidity at the end of the quarter, excluding a $1.75 billion stock offering and capital raising last month that surprised many investors.