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Electric vehicle maker Lucid, which targets wealthy buyers on the luxury end of the EV market, reported it made $150.9 million after selling 1,404 vehicles.The company said it expects to hit its production goal of at least 10,000 vehicles in 2023, according to n a news release posted on its website.Further down is a copy of the presentation used for its earnings call, and all was not as it seemed.First was the cost of making that money, which was listed at $555.8 million.The company also spent another $431.2 million on research, development, and other costs, while the only additional revenue was $71.9 million from other sources.
After crunching the numbers, the company is at a loss of $764.2 million for the quarter.This means for every car sold; the company averages losing a whopping $544,301.Despite this concerning figure, which would have most CEOs up in arms, the the luxury electric vehicle maker seemed upbeat.“We’re on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base. During our second quarter, we achieved several major milestones, including signing agreements to enter into a long-term strategic partnership with Aston Martin,” said Lucid’s CEO and Chief Technology Officer Peter Rawlinson.
