Lucid Motors, an EV company in which the Saudi Arabian Public Investment Fund (PIF) has a majority ownership stake, announced its second-quarter financial results yesterday, and provided some updates on its plans during an earnings call lead by CEO Peter Rawlinson.
Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates of $175 million. Adjusted loss stood at 42 cents per share, wider than an estimated loss of 33 cents.
The company said however that it had plenty of cash on hand after an investment from the PIF earlier this year gave it an advantage over rivals.
Rawlinson also revealed that Lucid finalized the purchase agreement with the Government of Saudi Arabia. The first Lucid Air deliveries to the government will take place before the end of the year.
“We’re on track to execute on deliveries under the purchase agreement with the government of Saudi Arabia, and thus far I’m pleased with consumer and government demand,” Rawlinson said.
The company also slashed the price of the Lucid Air model to boost sales. The new starting price is set at around $82,000, the CEO said.
The company also said it will reveal its long-awaited, all-electric Gravity SUV in November with production not kicking off until late 2024.
The PIF has a majority ownership stake of 60.5 percent of shares in the company.
