The luxury electric vehicle maker loses $227,000 on every car it sells

One luxury electric vehicle (EV) maker lost more than $227,000 for every car it sold in the third quarter.

California-based Lucid Motors sells four electric vehicle models, ranging in price from $74,900 to $249,000. seconds on your website. The company posted a net loss of $630.9 million in the third quarter, excluding its overhead costs, which is a loss of more than $227,000 for every car it sold. seconds in its financial documents and that of The Wall Street Journal calculations.

The company soared to a $91 billion valuation by November 2021, even though it had sold just 125 vehicles at the time, according to the WSJ. Since then, the company has seen its share price fall by around 93%.

Lucid also moved last week to cut its prices in an effort to attract more demand for its vehicles, according to the WSJ.

The company’s largest shareholder is Saudi Arabia’s public investment fund, according to Lucid’s quarterly financial data; Saudi Arabia’s investment fund is financed by oil revenues, seconds to Reuters. The government of Saudi Arabia has done so committed to buy 100,000 of its cars over the next decade, and the public investment fund has spent billions of dollars to keep the company alive as it struggles, according to the WSJ.

Lucid is far from the only EV maker lose money in their vehicles and deal with lukewarm consumers demand. Rivian, another manufacturer of luxury electric vehicles, Lost $33,000 for every car it sold in the second quarter, and Ford, a legacy manufacturer, expects will lose more than $4 billion in its electric vehicle operations this year alone.

Lucid Motors did not immediately respond to a request for comment.

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