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Lucid Motors Reports Staggering $227,000 Loss Per Car

  • Lucid Motors reported a net loss of $630.9 million in Q3, translating to over $227,000 lost per vehicle sold, excluding overhead costs.
  • Despite a peak valuation of $91 billion and selling only 125 vehicles by November 2021, Lucid's stock price has plummeted by approximately 93%.
  • Other EV manufacturers like Rivian and traditional automakers like Ford are also facing significant losses in their EV divisions, indicating broader challenges in the EV market.
Burning Cash

What do you get after a decade of negative real rates and unlimited QE as monetary policy? Losing $227,000 per vehicle as an acceptable business model for an automobile company!

At least that's the case over at Lucid, according to a new writeup from the Daily Caller. 

The California-based Lucid Motors, offers four electric vehicle (EV) models priced between $74,900 and $249,000 and reported a third-quarter net loss of $630.9 million, excluding overhead costs.

This amounts to over $227,000 in losses per car sold, the report says, citing its financial statements and calculations by The Wall Street Journal.

Despite having sold only 125 vehicles by November 2021, the company's valuation peaked at $91 billion. However, its stock price has since dropped by approximately 93%.

Last week, Lucid Motors reduced its vehicle prices to boost demand, the report notes. All the while, the electric vehicle company's primary investor is the Saudi Arabian public investment fund, ironically sustained by oil revenues.

The Saudi government plans to purchase 100,000 Lucid cars over ten years, with the fund investing heavily to support the struggling company, the report added. 

Lucid is not alone in its financial struggles within the EV sector. Rivian, another upscale EV maker, faced a loss of $33,000 per vehicle sold in the second quarter. Meanwhile, Ford, a traditional automaker, anticipates over $4 billion in losses from its EV division this year.

By Zerohedge.com

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Leave a comment
  • George Doolittle on November 15 2023 said:
    Ford loses tens of millions of dollars for every vehicle they make what's the point? Nobody even buys Ford products anymore they suck ass so bad. Some dumb as fuck Wall Street retard stuck with the mere trillions in that load of total bullshit. They could explain the situation honestly of course but that will never happen. Long $hmc Honda Motor Corporation strong buy
  • Mamdouh Salameh on November 15 2023 said:
    Despite heavy government subsidies and daily media promotion over a period of 30 years, EVs are failing to make a decisive impact on the global transport system or global oil demand with EV manufacturers continuing to incur substantial losses

    This tells us that hype about EVs displacing
    ICEs doesn’t work. This also torpedoes the IEA’s claim about peak oil demand being reached by 2030 based on its flawed assumption that EVs will by then have reached a tipping point.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

    This sho

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