EV Startup Lucid Faces $500K Loss Per Vehicle Amid Tough EV Market, Analysts Remain Hopeful: 'Tone Was Notably More Positive'

Lucid (NASDAQ:LCID), the luxury EV startup, reported significant per-vehicle losses in its second-quarter earnings, according to a Business Insider report.

Lucid, founded by ex-Tesla (NASDAQ:TSLA) Chief Engineer Peter Rawlinson, unveiled its second-quarter results on Monday, revealing revenue of $150.9 million from 1,404 vehicles sold. This, combined with a net loss of about $764 million, indicates a staggering loss of over $500,000 for each car sold.

Despite these figures, analysts remain hopeful about Lucid’s prospects for the latter half of 2023.

Chris McNally, an analyst with Evercore, mentioned, “The tone of the call was notably more positive than we have heard recently.”

Following the announcement of price reductions, Lucid’s shares surged over 6% on Tuesday.

In a bid to boost demand, Lucid has reduced the price of its Air EV by up to $12,400 until Aug 31 and the Air Pure AWD by $5,000. Traditional automakers like Ford (NYSE:F) and General Motors (NYSE:GM) are also grappling with profit losses as they transition to EVs.

Photo by Mike Mareen on Shutterstock

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