Popular: Shame of American trams? Lucid lost 3.8 billion yuan in the third quarter! Share price down 13%

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Recently, according to Zhichepai, foreign media reported that Lucid Group, an American electric vehicle manufacturer, reported a loss of 530 million dollars (about 3.837 billion yuan) in the third quarter on Tuesday, but confirmed that it is still expected to produce 6000 to 7000 Lucid Air models this year. After announcing the results of the third quarter, Lucid's shares fell 13% to $11.79 in after hours trading.

Lucid Air

In addition, the company also plans to increase its cash reserves by about $1.5 billion, of which $915 million comes from a series of new investments by the Saudi public wealth fund, and $600 million comes from additional stock offerings. Lucid also confirmed that the company plans to open the next model reservation early next year.

Lucid Air

Peter Rawlinson, CEO of Lucid, said on the previous financial report conference call that the company was still struggling with supply chain issues. However, despite these challenges, the company expects that it can still achieve its production target in 2022. According to Rawlinson, "In fact, we are still facing a problem of supply of parts, which will lead to a very short shutdown." He did not disclose what kind of parts were in short supply, but he said that during the shutdown, the company will take corresponding measures to increase production in the future.

Lucid Air interior

As for the next model coming out next year, it is understood that the delivery of this model is expected to start in 2024. Sherry House, the chief financial officer of the company, said: "We still observe a high market demand. As of November 7, 2022, our order quantity has exceeded 34000 vehicles. We plan to accept orders for SUVs (new models) of the Gravity project at the beginning of 2023. We believe that this will help us unlock a very huge market."

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