{"id":91363,"date":"2024-11-10T00:00:00","date_gmt":"2024-11-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/"},"modified":"2024-11-10T00:00:00","modified_gmt":"2024-11-10T00:00:00","slug":"pif-backed-lucids-losses-widen-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/","title":{"rendered":"PIF-backed Lucid\u2019s losses widen in 3Q"},"content":{"rendered":"

PIF<\/strong>-backed Lucid Motors\u2019 losses widened to USD 992.5 mn in 3Q 2024<\/strong>, from a USD 630.9 mn loss during the same period last year, the firm said in an earnings release (pdf)<\/a>. Despite the lower bottom line, the luxury EV maker logged 45.2% growth in revenues to USD 200 mn on the back of a 90.9% y-o-y increase in car deliveries that saw it hand over keys for 2,781 Lucid Airs. Third quarter revenues narrowly exceeded projections of USD 198 mn, Reuters<\/a> said citing LSEG data.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

On a 9M basis:<\/strong> The firm\u2019s losses widened to USD 2.32 bn in the first nine months of the year, compared to a USD 2.17 bn loss during the same period last year. Meanwhile, revenues climbed 30.9% at USD 573.4 mn. <\/p>\n

PIF extended multiple lifelines:<\/strong> Lucid raised USD 1.75 bn<\/a>during the<\/a>quarter<\/a> in a follow-on public offering, with the tally including proceeds from PIF\u2019s purchase of an added 374.7 mn shares<\/a> in a private placement as part of a USD 1.5 bn arrangement<\/a> that also included an additional USD 750 mn through an unsecured delayed draw term loan facility.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lucid delivered 2,781 Airs during the quarter, up 90.9% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":91364,"comment_status":"","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":[2607],"tags":[285,10,3268,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-lucid-group","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"74842653-fe98-4cb1-9957-549b7e5fe559","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2272.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF-backed Lucid\u2019s losses widen in 3Q, but beats revenue forecasts","related_issue":[91348],"teaser":"Lucid delivered 2,781 Airs during the quarter, up 90.9% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.b1382902-d012-4e9e-889e-a6b911ffc03a.mp3"},"yoast_head":"\nPIF-backed Lucid\u2019s losses widen in 3Q - KSA<\/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\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF-backed Lucid\u2019s losses widen in 3Q\" \/>\n<meta property=\"og:description\" content=\"Lucid delivered 2,781 Airs during the quarter, up 90.9% y-o-y\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2272.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"PIF-backed Lucid\u2019s losses widen in 3Q\",\"datePublished\":\"2024-11-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\"},\"wordCount\":201,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2272.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EARNINGS WATCH\",\"EnterpriseAM KSA\",\"Lucid Group\",\"Public Investment Fund (PIF)\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\",\"url\":\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/10\/pif-backed-lucids-losses-widen-in-3q\/\",\"name\":\"PIF-backed Lucid\u2019s losses widen in 3Q - 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