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All discussion of Lucid Motors
- Thread starter Right_Said_Fred
- Start date
Lucid has released the Q2 financials: Lucid Announces Second Quarter 2023 Financial Results, On Track for Annual Production Guidance of More Than 10,000 Vehicles | Lucid Group, Inc.
Some notes:
This was interesting:
What voltage is the Lucid Air Pure RWD going to be? How fast will it charge?
Some notes:
- They are keeping their production guidance of >10k for the year.
- They produced 4,487 in the first half of the year. So they need to get production up to ~2,800/quarter to meet that. (They have only been at that level in one prior quarter: 2022Q4.)
- They lost $764M this quarter.
- With $6.2B of liquidity, they have about 2 years of cash at this burn rate.
- $710M of that liquidity is ABL/GBL Facility lines of credit.
- But they have almost $3.5B of debt...
- With $6.2B of liquidity, they have about 2 years of cash at this burn rate.
- $295M write-down from inventory/purchase commitments that they didn't meet.
- Assuming all revenue/cost of revenue was vehicle based they lost ~$288k per vehicle delivered.
- They have dropped prices back to what they were originally, given that they aren't planning to increase production it can only make this worse right?
- Interesting that, compared to last quarter, the ASP on vehicles has gone up a little over $1k, but the cost per vehicle went up by almost $40k.
- It costs them just under $400k per vehicle now?
- It costs them just under $400k per vehicle now?
This was interesting:
What voltage is the Lucid Air Pure RWD going to be? How fast will it charge?
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What delivery goals? They haven't shared any have they? They have given us production guidance. But if they meet the production guidance, and deliveries don't increase that would just result in adding almost 2,800 vehicles to, the already large, inventory.
Now they do say they have a "material" number of vehicles in transit to Saudi Arabia, so the Q3 numbers should have more deliveries.
Lucid Air Pure RWD is supposed to have 419 miles of range and 4.74 miles/kWh. So, it has a battery with ~88kWh available.
The Air Pure AWD has a range of 410 miles, so efficiency is probably 4.65 miles/kWh. They say 15 minutes of charging to add 200 miles of range. (Which is the same as Tesla advertises for the Model S.) If I did the math correct that is only a charge rate of 172kW.
The Air Pure AWD has a range of 410 miles, so efficiency is probably 4.65 miles/kWh. They say 15 minutes of charging to add 200 miles of range. (Which is the same as Tesla advertises for the Model S.) If I did the math correct that is only a charge rate of 172kW.
RobStark
Well-Known Member
I think Farzad sums it up pretty well in this video.
Six quarters left at this burn rate. And usually you can reduce it by one because they do not run it into the wall without leaving some for the executives to get their golden parachutes.
I've been watching Lucid closely for about a year, an my biggest question is WTF is their problem making deliveries?
I think the answer is simply: orders have been cancelled. The market for premium sedans has dried up.
Six quarters left at this burn rate. And usually you can reduce it by one because they do not run it into the wall without leaving some for the executives to get their golden parachutes.
I've been watching Lucid closely for about a year, an my biggest question is WTF is their problem making deliveries?
I think the answer is simply: orders have been cancelled. The market for premium sedans has dried up.
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Or worse...
$5.5 billion in cash and investments
$3.4 billion in liabilities
$2.1 billion buffer
$764 million loss this quarter
3 quarters until book negative (ignoring inventory and buildings).
RobStark
Well-Known Member
navguy12
Active Member
One random observation: the moving map display is very jerky, even when the vehicle is travelling on a straight vector.
Yeah that's a good summary of Lucid's situation. My only disagreement is the 6 quarters left to live viewpoint. If Lucid and lessen the cash burn rate then their cash "could" last a bit longer.
One thing is certain, the trend is they can't turn this around, so they need to start doing something different to break out of the rut they are in, because if they don't they are done for. And I don't think the upcoming Gravity will be their savior, not unless they can make it for FAR less than their over models, which isn't likely.
To launch gravity, their cash burn cannot slow. If anything, it will accelerate.
The Lucid Air Is dead car rolling. No one wants it. They’ll never make money selling it and it will never be profitable.
With over 4400 unsold, only a sucker would buy one now. Or maybe a government. A Saudi government.
The Lucid Air Is dead car rolling. No one wants it. They’ll never make money selling it and it will never be profitable.
With over 4400 unsold, only a sucker would buy one now. Or maybe a government. A Saudi government.
EXOTIC1
Member
Lol
Lucid misses earnings badly stock ^
TSLA beats earnings stock always drops
Market is so fixed…..
more lucid layoffs coming?
Lucid misses earnings badly stock ^
TSLA beats earnings stock always drops
Market is so fixed…..
more lucid layoffs coming?
In the short term, short sellers are going to pay the big guys. In the long term, bulls will pay thr big guys as stock goes to zero. Either way all your money belongs to them.
Not sure about layoffs but they just announced final specs on another mass money losing vehicle
I think Saudi is gonna buy Lucid Taxi fleetNot sure about layoffs but they just announced final specs on another mass money losing vehicle
View attachment 963261
any day now ....Which is not a bad thing. Pushes taxi customers into experiencing the advantage of EV.I think Saudi is gonna buy Lucid Taxi fleet
RobStark
Well-Known Member
Todd Burch
14-Year Member
At this point, it’s beyond clear that Lucid is only about one thing: Rawlinson’s ego. One-up Tesla on specs at any price.
Rawlinson doesn’t care about keeping Lucid solvent. As long as he can shave a hair off the 0-60, it’s a win for him even if the car is twice the price and only sells a handful.
I said it before—when you’re drowning in problems and can’t sell the car you can already make for a profit, the last thing you want to do is introduce another overpriced model and overcomplicate things, especially in a high interest rate environment where demand is low.
Rawlinson is standing proudly on the bow of the Titanic as it sinks, pointing into the fog and yelling “beat ya Elon!”
Rawlinson doesn’t care about keeping Lucid solvent. As long as he can shave a hair off the 0-60, it’s a win for him even if the car is twice the price and only sells a handful.
I said it before—when you’re drowning in problems and can’t sell the car you can already make for a profit, the last thing you want to do is introduce another overpriced model and overcomplicate things, especially in a high interest rate environment where demand is low.
Rawlinson is standing proudly on the bow of the Titanic as it sinks, pointing into the fog and yelling “beat ya Elon!”
The fact that LCID stock is up like that on such an alarming earnings report and guidance should not be taken as a "good" indicator.
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