Lucid’s Q2 internet loss widens to $764.2 million as EV price cutting war rages

BE desk

Lucid has additionally been suffering with speedy money burn, prompting it to boost $3 billion thru a hold providing, just about two-thirds of which got here from majority-owner Saudi Arabia’s People Funding Investmrent.

The corporate’s money stability on the finish of the second one quarter stood at $2.78 billion, in comparison with $900 million, on the finish of the generation’s first 3 months.

“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,” CEO Peter Rawlinson mentioned in a remark.

“We look forward to exciting new products in the second half of this year, including the planned start of production of the Lucid Air Sapphire and the Lucid Air Pure Rear Wheel Drive, plus the highly anticipated unveiling of our new SUV, Lucid Gravity, forthcoming in November.”

Stocks in Lucid rose just about 4 % to $6.66 in aftermarket buying and selling Monday. 

Reuters and Car Information body of workers contributed to this file.

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