Lucid In Trouble As It Loses More Than $300,000 Per Car

Lucid Motors is an ambitious American manufacturer of electric cars, whose portfolio includes the electric luxury sedan Air (starting price around $70,000, going all the way up to $250,000) and SUV Gravity (starting price $81,500). The models are good; there are even buyers. It’s not that they push in line, but there are some. However, the numbers are disastrous, a new quarterly report shows.

Financial results are so bad that even analysts could not have predicted them. Shortly after the deal, Lucida’s share price fell by seven percent.

Lucid lost a whopping $1.14 billion during the first quarter. Combined with the fact that the brand delivered 3,093 cars, that equates to a loss per car of $308,000. Lucid’s minuses are justified by its significant problems with subcontractors. Defective rear seats in the Gravity SUV halted assembly lines during February.

For now, the manufacturer manages to survive thanks to the capital of a fund from Saudi Arabia, but even that financing will not last forever.

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