{"id":78895,"date":"2023-08-09T01:00:43","date_gmt":"2023-08-09T01:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/09\/lucids-revenues-increase-35-5-y-o-y-while-net-losses-deepen-by-71-2\/"},"modified":"2023-08-09T01:00:43","modified_gmt":"2023-08-09T01:00:43","slug":"lucids-revenues-increase-35-5-y-o-y-while-net-losses-deepen-by-71-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/09\/lucids-revenues-increase-35-5-y-o-y-while-net-losses-deepen-by-71-2\/","title":{"rendered":"Lucid\u2019s revenues increase 35.5% y-o-y while net losses deepen by 71.2%"},"content":{"rendered":"

<\/a> Saudi Arabia\u2019s Public Investment Fund-backed EV maker Lucid\u2019s net losses<\/strong> increased by <\/strong>71.2<\/strong>% y-o-y<\/strong> in 2Q 2023 y-o-y to USD 766.6 mn<\/strong>, according to an earnings release (pdf)<\/a>. This comes despite the company\u2019s revenues increasing by 35.5% y-o-y in 2Q to USD 150.9 mn on the back of 1.4k vehicles being delivered \u2014 some delivered to Saudi Arabia for the first time<\/a>. PIF owns a 60.5% stake in the EV company.<\/p>\n

Big losses despite an increase in revenues:<\/strong> Lucid\u2019s net losses increased by 80.4% y-o-y in 1H 2023 recording a loss of USD 1.5 bn despite revenues increasing 48.4% y-o-y to USD 300.3 mn during the same period.<\/p>\n

Manufacturing took a dip: <\/strong>The number of cars manufactured by Lucid decreased 6% from 2.3k vehicles<\/a> to almost 2.2k q-o-q, according to an earnings release presentation (pdf)<\/a>. The company aims to manufacture over 10k vehicles in 2023.<\/p>\n

REMEMBER-<\/strong> In efforts to boost production, Lucid raised USD 3 bn in capital<\/a> in 2Q, USD 1.8 bn of which came from PIF. This quarter also saw Lucid join forces with Aston Martin<\/a> to make the British ultra-luxury car maker\u2019s future electric vehicles while also making way for Lucid to grab a 3.7% stake in the British company. Lucid said late last year<\/a> that 80% of its electric vehicles will be made in Saudi Arabia by 2030 as it aims to build a full production plant in the country. Construction of the facility began in May 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia\u2019s Public Investment Fund-backed EV maker Lucid\u2019s net losses increased by 71.2% y-o-y in 2Q 2023 y-o-y to USD 766.6 mn, according to an earnings release (pdf). This comes despite the company\u2019s revenues increasing by 35.5% y-o-y in 2Q to USD 150.9 mn on the back of 1.4k vehicles being delivered \u2014 some delivered […]<\/p>\n","protected":false},"author":1,"featured_media":78896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,64,194,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-78895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-evs","tag-lucid-motors","tag-uae","wpautop","entry"],"acf":{"mongo_id":"164d3c23-8edb-4696-8085-1dfa7004263b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/2427.jpg","photo_position":"above","related_issue":[78881],"teaser":"","voice_url":""},"yoast_head":"\nLucid\u2019s revenues increase 35.5% y-o-y while net losses deepen by 71.2% - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/08\/09\/lucids-revenues-increase-35-5-y-o-y-while-net-losses-deepen-by-71-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lucid\u2019s revenues increase 35.5% y-o-y while net losses deepen by 71.2%\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s Public Investment Fund-backed EV maker Lucid\u2019s net losses increased by 71.2% y-o-y in 2Q 2023 y-o-y to USD 766.6 mn, according to an earnings release (pdf). 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