Lucid Motors Q3 2022 results: $195.5M in revenue, 1,400 Air deliveries, and Gravity SUV reservations
Lucid Motors ($LCID) has posted its financial results for Q3 of 2022 ahead of its earnings call with investors later this afternoon. EV production and Air deliveries continue to grow while cash on hand continues to shrink. Still, Lucid Motors appears to be in good shape headed into 2023 as it looks to soon launch its second model, Project Gravity.
The numbers posted today are encouraging from a production standpoint, as Lucid Motors again reiterated that it tripled the number of Air EVs produced in Q3 compared to a quarter ago. These numbers echo a report from the American automaker back in mid-October that detailed 1,398 deliveries of the 2,282 produced.
Thanks to significantly bolstered production numbers in Q3, Lucid also relayed that it remains on track to meet its previously revised output goal of 6,000 to 7,000 for the year. As the automaker gets set to officially launch its final two versions of its flagship sedan next week – the Air Touring and Air Pure, Lucid Motors hopes to bring more momentum into 2023.
A second EV model could help further boost reservations and subsequent sales as well, as the company continues to tease its Project Gravity all-electric SUV. Lucid has promised a progress update alongside the complete Air launch next week, but before then, the company shared that it will soon begin reservations. Let’s dig into Lucid’s Q3 financials.
Lucid Motors’ Q3 numbers and a start to Gravity reservations
You can check out Lucid Motors’ full Q3 2022 financial report here and follow along if you’d like, but we’re going to point some of the more notable aspects of the American automaker’s current business.
First things first, revenue was $195.5 million in Q3 alone and accounts for half the company’s year-to-date total, which is encouraging. Cash and cash equivalents saw a pretty large decrease, but Lucid’s long-term debt didn’t shift much, so no cause for worry just yet. It still has $3.85 billion to play with – enough to get into Q4 of 2023, according to Lucid.
Losses from operations have seen significant growth in the past year, but that is to be expected as the automaker still works to hit its production stride at its AMP-1 Arizona facilities.
Even with its growing number of deliveries, customer demand for the Air sedan far exceeds current production output. Following Q3, Lucid Motors says it still has 34,000 Air reservations that would equate to $3.2 billion in sales if each and every one of them came to fruition.
Those sales numbers grow significantly when you consider the (up to) 100,000 additional Air EVs the Saudi Arabian government agreed upon back in April. All of that said, those vehicles are expected to be delivered over the course of the next decade.
While Lucid still works to deliver Air EVs to its 30k+ reservation holders, it shared it will begin taking reservations for its electric SUV (Project Gravity) in early 2023. Given that news, we’d expect to learn a lot more about Lucid’s second EV model in the next month or two, beginning with its livestream event on November 15.
That’s all for now. You can check out the webcast of Lucid Motors’ Q3 earnings call here.
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![This electric excavator has battery swap tech that lets it recharge in minutes [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/04/electric-excavator.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
UPDATE: telematics announcement.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
Telematics announcement at bauma
Earlier today, XCMG launched its next-generation Xrea Global Telematics Platform, integrating IoT, big data, cloud computing, and AI to enable what it’s caling, “seamless cross-border fleet management.”
The new telematics platform supports a dozen languages via PC and mobile interfaces, and offers real-time diagnostics, predictive maintenance, and data-driven optimization of both the vehicle and the vehicle’s batteries, empowering equipment managers and fleet operators to track fleets across town, or across time zones.
“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”
SOURCE | IMAGES: XCMG; via PR Newswire.
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![A vast 600 MW Texas solar farm just hit a major milestone [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Hornet-Solar-Texas-2.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Renewable developer Vesper Energy has cut the ribbon on Hornet Solar in Swisher County, Texas, one of the largest single-phase solar farms in the US.
As Electrek reported in January, the 600-megawatt (MW) Hornet Solar includes over 1.36 million modules covering more than 6 square miles. The project will contribute more than $100 million in new tax revenue to Swisher County and deliver 600 MWac of energy–enough to power 160,000 homes annually.
January 30, 2025: “The seamless coordination between our team and our EPC partner, Blattner, has enabled us to remain ahead of schedule and on budget while ensuring quality throughout the process,” said Juan Suarez, co-CEO of Irving-based Vesper Energy.
Hornet Solar uses bifacial solar panels mounted on a single-axis tracking system to maximize efficiency. The solar farm is connected to Oncor Electric’s transmission system within ERCOT and is contracted to provide power to four off-take partners through individual Virtual Power Purchase Agreements (VPPAs).
The Hornet Solar project in the Texas Panhandle is on track to be fully online by spring 2025.
Texas is a utility-scale solar leader in the US, with a ranking of No. 2 and 37,713 MW currently installed. It’s projected to install 51,144 MW over the next five years and move into the No. 1 spot, according to the Solar Energy Industries Association (SEIA). The total solar investment in the state is $45.2 billion.
On January 21, the SEIA, Conservative Texans for Energy Innovation (CTEI), Advanced Power Alliance (APA), and the Texas Solar + Storage Association (TSSA) reported that existing and expected utility-scale solar, wind, and battery storage projects will contribute over $20 billion in total tax revenue – and pay Texas landowners $29.5 billion – over the projects’ lifetimes.
Read more: Texas just became No 1 in the US for most utility-scale solar
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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