US electric vehicle (EV) startup Lucid Motors has scaled back its production target for 2023 amid tough competition from rival carmakers.
Lucid had initially planned to produce between 10,000 and 14,000 cars during 2023, but now expects to build between 8000 and 8500 vehicles. Using the two upper figures, this is a reduction of almost 40 per cent.
During the third quarter the EV carmaker produced 1550 vehicles, which is down from a peak of 3493 vehicles during the fourth quarter of 2022.
The company also delivered 1457 vehicles during the third quarter of 2023, which is up from the 1404 vehicles delivered in the second quarter of this year, though down on the 1932 vehicle delivery record in the fourth quarter of 2022.
Lucid reported a third quarter revenue figure of US$137.8 million (~A$214.3 million), which is down from US$195.5 million (~A$305 million) last year.
The company also reported operating losses widened to US$752.9 million (~A$1.2 billion), up from US$687.5 million (~A$1.1 billion) last year. Its net loss also grew to US$630.9 million (~A$981 million) during the third quarter of 2023.
“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,” said Lucid CFO Sherry House.
“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 US$5.45 billion (~A$8.48 billion) in liquidity, which we expect to lead us to our next major milestone, Gravity production, and beyond, into 2025.”
During the third quarter of this year, Lucid began production of its entry-level Air Pure RWD, as well as its high-performance Lucid Air Sapphire. The latter is a direct rival to the Tesla Model S Plaid.
Lucid is also gearing up to reveal its first SUV on November 16 at the Los Angeles motor show, with the company claiming the Gravity will “reimagine what an SUV can offer”.
At this stage Lucid vehicles are only offered in the United States, Canada, Europe and the Middle East in left-hand drive guise.
There’s no word yet on an Australian launch of the brand, though a report from earlier this year suggested right-hand drive production was on the cards.