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Lucid (LCID) EV company cuts 2023 production target to 8000-8500 vehicles

Lucid's Q3 2023 earnings report wasn't especially positive and has resulted in a lower production goal for the EV manufacturer.

Ozzie Mejia

November 7, 2023 1:48 PM

Lucid Motors

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Lucid (LCID) has released its Q3 2023 earnings report. The company missed on revenue and EPS expectations, continuing a trend from throughout this fiscal year. As a result, the company has changed its outlook for the remainder of the year, cutting its production estimates to 8,000-8,5000 electric vehicles.

According to the Lucid Q3 2023 earnings report, the new 8,000-8,500 number was put out there to more prudently align with deliveries. This is a noticeable change from earlier this year when Lucid seemed adamant about sticking to its 10,000 vehicle production goal. Despite this, the company has a busy year ahead, noting that Lucid Air Sapphire production has ramped up while production of Lucid Air Pure RWD kicked off. On top of that, the Lucid Gravity luxury electric SUV will make its debut at the LA Auto Show later this month.

"We are seeing results from our targeted marketing approach, as the majority of new demand came from customers who had their first contact with Lucid in the quarter," Lucid CFO Sherry House said in the company's earnings report. "We've also made progress with the cost control program we implemented in the first half of the year and have identified further opportunities for 2024. We ended the third quarter with approximately $5.45 billion in liquidity, which we expect to lead us to our next major milestone, Gravity production, and beyond, into 2025."

Lucid has shaken things up in terms of personnel in the wake of Tuesday's financial results. The EV manufacturer appointed Marc Winterhoff as its first Chief Operating Officer. His duties will include overseeing daily operations and execution across global manufacturing, supply chain, sales and service, marketing, and international markets.

Lucid Group Inc. stock fell at the end of the November 7 trading day and is down a small percentage in after-hours trading.

We're continuing to keep an eye on electric vehicle manufacturers and their latest moves. Be sure to watch Shacknews and the electric vehicles topic page for further updates.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?