Lucid Produced Barely 2,200 Cars Last Quarter

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24/7 Wall St. Insights

• Lucid Group Inc. ( NASDAQ: LCID ) said it produced a little over 2,100 vehicles last quarter.
• It is little surprise that Lucid’s shares are down 80% in the past two years.
• Also: Dividend legends to hold forever .

Lucid Group Inc. ( NASDAQ: LCID ) produced only 2,110 vehicles last quarter and delivered only 2,394. Ford sells about the same number of its F-150 pickups in a single day, which is additional proof that Lucid is not a viable company. To make matters worse, it will only produce about 9,000 vehicles this year.

Lucid’s revenue was $201 million last quarter, but it lost $790 million, which means it lost about $375,000 for each vehicle produced. The hole is too big to be imaginable. Gagan Dhingra, interim chief financial officer and principal accounting officer, commented, “Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts, which contribute to the journey toward improving gross margin.” It is hard to see that in the numbers.

Among the problems the electric vehicle (EV) maker faces is that its sedans are very expensive in a world where people generally look for EVs with prices closer to gasoline-powered cars. Most of the Lucid Air sedans carry prices of about $75,000. The average price of a new combustion-engine vehicle in the United States is about $45,000.

Lucid is not just facing public concerns about battery range, charging stations, prices, and tire wear. Every major car company has entered or will enter the U.S. EV market. Tesla has a 49% market share, which makes the market even more competitive. There is a reason Lucid’s shares are down 80% in the past two years.

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