Luxury Electric Vehicle Startup Loses Over $500,000 on Every Vehicle It Sells
Electric vehicle maker Lucid is not in the fast lane to profitability based on a new report.
Lucid, which targets the luxury end of the EV market, reported it brought in $150.9 million after selling 1,404 vehicles in quarter 2 and expects to hit its production goal of at least 10,000 vehicles this year, the company announced in a news release posted on its website.
Far down in a copy of the presentation used for its earnings call, there were some other numbers. Some looked good — such as the $150.9 million in revenue.
Then came the cost of making that money, which was listed at $555.8 million. Another $431.2 million was spent on research and development and other costs,
