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.
Source: Lucid Group
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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Solar and wind power aren’t just keeping up with global electricity demand anymore – they’re pulling ahead. According to a new analysis from energy think tank Ember, solar and wind combined outpaced global electricity demand growth in the first half of 2025. That shift led to a drop in both coal and gas generation compared to the same period last year. For the first time ever, renewables generated more power than coal globally.
“We’re seeing the first signs of a crucial turning point,” said Małgorzata Wiatros-Motyka, senior electricity analyst at Ember. “Solar and wind are now growing fast enough to meet the world’s growing appetite for electricity. This marks the beginning of a shift where clean power is keeping pace with demand growth.”
Solar leads the charge
Global electricity demand rose 2.6% in the first half of 2025 – an additional 369 terawatt-hours (TWh) year-over-year. Solar met a stunning 83% of that increase, growing by 306 TWh, or 31% year-over-year. Combined with steady wind expansion, renewables were able to meet rising demand and start displacing fossil fuels.
Coal generation fell 0.6% (-31 TWh), gas dropped 0.2% (-6 TWh), and overall fossil generation declined 0.3% (-27 TWh). As a result, global power sector emissions fell by 0.2%.
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Renewables supplied 5,072 TWh of electricity in the first half of 2025 – up from 4,709 TWh a year earlier. Coal, by comparison, generated 4,896 TWh, down 31 TWh year-over-year. It’s the first time on record that clean energy has overtaken coal.
A global turning point
Ember’s analysis shows this is more than a blip. Solar and wind are now growing fast enough to meet new demand and begin cutting into fossil generation. As deployment accelerates, Ember expects clean power to outstrip demand growth for longer stretches, pushing fossil fuels into permanent decline.
But progress isn’t uniform across the globe. Among the world’s four biggest power markets – China, India, the US, and the EU – two saw fossil generation fall, while two saw it rise.
China remains the global clean energy powerhouse, adding more solar and wind capacity than the rest of the world combined. Its fossil generation fell 2% (-58.7 TWh) in the first half of 2025.
In India, clean power growth outpaced demand threefold. With electricity demand rising just 1.3% (+12 TWh) – far below the 9% surge seen last year – fossil generation dropped sharply: coal fell 3.1% (-22 TWh) and gas plunged 34% (-7.1 TWh).
In contrast, fossil generation rose in the US and EU. In the US, demand grew faster than renewables could keep up, leading to higher fossil fuel output. In the EU, weaker wind and hydro performance meant more gas and coal were needed to fill the gap.
What comes next
With half the world already past the peak of fossil fuel generation, Ember says the trend is clear: Clean power can keep up with rising electricity demand. But to lock in progress, deployment of solar, wind, and batteries needs to accelerate.
“Solar and wind are no longer marginal technologies – they’re driving the global power system forward,” said Sonia Dunlop, CEO of the Global Solar Council. “The fact that renewables have overtaken coal for the first time marks a historic shift. But to secure it, governments and industry must step up investment in clean energy and storage so affordable, reliable power reaches everyone.”
Ember’s Wiatros-Motyka added, “With technology costs continuing to fall, now is the perfect moment to embrace the economic, social, and health benefits that come with increased solar, wind, and batteries.”
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Tesla is planning to launch a new vehicle this week, which is expected to be a new base variant of the Model Y – often referred to as a “stripped-down Model Y.”
Here’s everything we know about the new electric vehicle.
Tesla’s new “more affordable models”
Tesla has been talking about launching new “more affordable models” during the first half of the year.
Everything suggests that it is not a new “model” but rather a new base variant of the Model Y.
There has been confusion surrounding what Tesla plans to release, and CEO Elon Musk has been largely responsible for it. The CEO announced at Tesla’s Battery Day in 2020 that the automaker was working on delivering a “$25,000 electric car.”
When it was first reported that the vehicle program was canceled, Musk denied the news.
Due to Tesla still referring to them as “new, more affordable models”, many people believed that Tesla would still bring to market new, cheaper models.
While Tesla first intended to launch the new cheaper variants in the first half of the year, we reported that the automaker would likely wait until Q4 as it benefited from inflated demand in Q3 due to the tax credit for electric vehicles going away.
Tesla’s E41 stripped-down Model Y
We already know almost everything about the new stripped-down Model Y. Prototypes have been spotted for months, and recently, Tesla didn’t bother to camouflage them.
As for the design, it features a simplified front and back and loses the lightbars that were introduced in the Model Y design refresh earlier this year.
There’s no glass roof, which is currently standard on the Model Y.
The wheels also appear to be cheaper-looking, with a visible wheel cover. Although there might be a fancier one available based on one of the teasers:
Inside, Tesla is expected to use cheaper materials, specifically textiles on the seats, a simplified fiberglass headliner, less cabin lighting, and single-axis seat controls.
Furthermore, the vehicle is expected to have a lesser audio system and no screen for the second row.
The stripped-down Model Y is also believed to be losing a power-folding mirror and be equipped with a downgraded suspension.
As for the specs, Tesla is likely going to stick to a rear-wheel-drive motor, but with a smaller LFP battery pack than in the one in the current base version of the Model Y.
We can expect a range of between 250 and 300 miles (400-485 km).
Electrek’s Take
The biggest unknown is the price. Tesla is cutting a lot of features here.
Considering the current Model Y Long Range RWD starts at $45,000 in the US, we should expect a much cheaper price.
I think it needs to be between $30,000 and $35,000. If it’s more than that, it will be a redo of the Cybertruck RWD, which only lasted a few months.
We need to keep in mind that the Model Y Long Range RWD was $37,500 in the US with the tax credit last week.
If Tesla is closer to $30,000, it is a win, but if it is higher than $35,000, it is a big loss.
I was hoping for an event with a chance for a “one more thing” moment, but it doesn’t even look like Tesla is planning an event to unveil this. The automaker only mentioned the date, October 7th, without a time for an event.
The automaker brought a group of Tesla influencers to Gigafactory Texas last week, most likely to showcase this vehicle.
Therefore, I expect a launch on the website and social media, featuring content from influencers, as well as a few select outlets, such as Jay Leno’s Garage and Motor Trend, depending on how Tesla feels about them at the moment.
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As Porsche continues its communication campaign for the all-electric Cayenne (Cayenne Electric) the company invited us to get a detailed look at some of the advancements in technology behind it.
They consider the Cayenne Electric to be a platform for innovation and a reflection of Porsche’s commitment to electric, not just a product line update.
A repositioning based on the experience and learnings they have gained over the past few years and they want to share some of these advancements early.
Instead of one big announcement with a release date and a mass of updated performance specs, they are hosting a series of sessions to share what the team at Porsche has been working on over the past 4 years to make the impressive specs possible. We had the opportunity to talk directly with a few of the engineers behind the Cayenne Electric, in order to help share some of the excitement and thought going into the re-envisioned platform.
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On the day we visited there were detailed sessions in four areas:
Interior Highlights
High Voltage System
Drive Train
Then an overview of some overarching design and driver experience principles followed by two ride-alongs (Offroad and the track “Taxi Ride’)
It was a full day.
INTERIOR
Our first session was with the interior design team.
As with the current Porsche line, the new era for their driver experience remains grounded and inspired by the 911 with its familiar “tube-layout” driver instrument cluster using a 14.25 horizontally curved OLED screen to “wrap” the driver. This extends to a center area using a vertically curved OLED screen and finally over to an optional 14.9” LED passenger screen all working together to form their “Flow Display” concept. Below the center screen are physical controls for climate control and navigation functions leveraging digital interfaces where practical while embracing physical / haptic switches for eyes off touch control of certain core functions. An analog / digital approach.
With the placement of those switches, there was thought put into the resting hand position of the driver and overall interior ergonomics for the passenger with consideration for handholds in rough terrain.
There are a plethora of comfort options from mood/massage/wellness modes, passenger entertainment (gaming on the large passenger screen), driver heads up display, customizable Interface and widgets, new interior materials and colors, sliding panoramic roof and sunshine control (liquid crystal shading with variable intensities), a Digital Key system (allowing you to share a key with others and control access levels), moving from Android to Android Auto, and much more.
They are also integrating “Voice Pilot” into the onboard system which is a custom trained LLM to support navigation needs and finding destinations. (requires an active internet connection).
Interior highlights and the driver experience could be an entire writeup on its own – but as we didn’t have the opportunity to drive ourselves or spend road-trip time in the car, I’ll leave it at the list so you can get a flavor for the direction they are headed. We can share more when we are able to immerse in them at a later date.
The focus of these sessions (for me) surrounded the tech they are developing to make the Cayenne Electric a true performer.
The targeted specs (depending on configuration):
0 to 100km/h (62mph) in less than 3 seconds
0 to 200km/h (124mph) in less than 8 seconds (!!)
Top speed of more than 250km/h (155 miles)
Output of more than 1000PS and up to 1,500Nm of torque
Recuperation capacity of 600kW
113kWh (gross) battery
Fast charging up to 400kW (10% to 80% in less than 16 minutes)
Range more than 600km (373 miles)
Towing capacity up to 3.5 tons
To achieve these numbers in a luxury, production, sports, offroad capable vehicle required the team at Porsche to approach several complex engineering problems.
Which leads us to our next sessions.
DRIVE TRAIN
For this session, we received a VR walkthrough of the Drive Train to get a sense of how the Cayenne Electric distributes the torque potential between the front and rear axles.
The primary drive axle is in the rear, with the front passive axle contributing torque as needed.
A fascinating bit of engineering has Porsche incorporating direct and integrated cooling to the rear (primary) motor through an oil circulation system embedded in a closed system.
This keeps the cooling oil in direct contact with the copper windings where the heat is generated.
This handles the heat generated in peak power when launching with 800kW or when using the push-to-pass boost, giving the driver access to an additional 100kW for 10 seconds. (A nod to formula-e)
The cooling system also garners the ability to regen at 600kW with assisted braking.
All of this heat is addressed just about as close to the source as you can get.
Then there was a demonstration for the addition of Active Ride to the platform, which is designed to self-level the body of the car during heavy braking, steering, and acceleration. Witnessing it on a stationary vehicle that was simulating an aggressive drive around a track illustrated how fast the response was, but also how powerful the system can be, including the range of motion. It was impressive and somehow unnerving to see the car bouncing around in place, as if it were racing around a track.
Combining this with the addition of active suspension and driver selectable modes for Gravel/Mud, Sand, and Rock, the team is striving to make for a smooth ride even when traversing complex terrain (which we get to experience later in the off-road ride.)
HIGH VOLTAGE
This led us to our last tech session of the day and the area that brings many of these concepts together since all innovation has little value if the high voltage system and batteries can’t keep up with demand.
Again – another VR walkthrough of the 6 module, 192 cell, 800 volt,113 kWh battery pack illustrating how it is cooled from both sides, serviced/replaced and handles the loads required of it.
A poignant moment for me was when one of the team communicated:
“The Cayenne Electric is a Porsche – and a Porsche needs to be a Porsche.”
What could be more Porsche than going flat out on the Autobahn with max acceleration, brake with max regen, back again max acceleration to a sustained high load maintaining speed as necessary, then pull off and recharge at a max rate (the chart they showed indicated 10% to 80% in about 16 minutes starting at about 375kW to 55%, 300kW to 70%, sub 150kW up to 80%), when charging is complete – jumping back on the Autobahn – rinse and repeat.
That target example is clearly on their mind and would be a fantastic cross-country road trip test I’d be up for helping perform…
But not everyone is pushing flat out on cross-country road trips, so for the “daily driver,” there are additional practical solutions coming with the Cayenne Electric, such as the previously announced induction charging solution. This provides 11KW from either 2-phase (in the US) or 3-phase AC power sources, so these could be installed in a home.
It consists of a floor pad on the ground and a vehicle plate installed in the underbody of the car between the front wheels. The floor pad is heavy at about 50kg so not something you move in and out all the time, but it can be moved out of the way if needed.
Hands-on with the system illustrated how the car will guide the driver to the charging pad using the displays in the car, how the handshake works and ramps up charging (about 15 seconds from handshake to full flow of 11KW), as well at what happens if a “living object” enters an area around the vehicle.
In such a case, it will halt charging momentarily until the risk is gone before resuming the charging on its own.
RIDE ALONGS
The next part of the day consisted of ride-alongs, which, frankly, Porsche could charge admission for.
We did not get the opportunity to drive the car ourselves, but we were driven by professional drivers around two closed courses (off-road and track).
The off-road ride took us to a dirt (mud, rock, and sand) trail to highlight the “off-road mode” with Active Ride.
Much of this was underwhelming, which is what made it so impressive.
That is to say, it felt totally smooth and unremarkable… but this was as we were rolling over potholes, rocks, and a variety of uneven terrain. Essentially gliding over various unpaved surfaces.
The powerful suspension dynamics we saw bouncing the car around in front of us in the demo I previously mentioned, now made for a very smooth ride and felt like the body wasn’t moving at all.
It was a cool and rainy day in Leipzig so the course was wet and muddy. The car was equipped with standard “summer” tires so this illustrated the dynamic application of power to the gripping wheels.
We effortlessly (and intentionally slowly) climbed up an 80% grade (36º) slope consisting of a wet, corrugated metal path, at the top we traversed a muddy path into a tight turn showing the turning radius of 11.1 meters fully leveraging the rear axle supported range of up to 5º.
As we went over the axle switches (and a few more muddy roads and bumpy climbs), I wished we could have seen a display somewhere showing the Active Ride system in action. It was certainly working hard, but that resulted in us feeling almost nothing (which is the goal, of course).
You do get information like pitch and bank angle in the “flow display,” so we could see we were at times rolling around at a bank angle of 30º (apparently capable of up to 45º for the daring), and 36º pitch on our climb.
On the downhill sections, when entering the drop, you can set the car at a speed you want to maintain (e.g. 2km/h) and it will use a combination of regen and standard braking to hold that pace and keep traction – you can nudge that speed up and down with the accelerator and brake pedals.
So off-road? Sure.
But this would be “European offroad” which is different from “back-country US, winter-fireroad offroad”.
It’s not your weekend rock crawler, but if you have an unmaintained road to traverse, the Cayenne Electric will effortlessly roll you in comfort along a bumpy, rocky road, or a tight, twisting trail, while your kid plays a game on the passenger display – if that is a solution you are looking for.
TAXI RIDE
This was to demonstrate active ride in Sport Plus mode, as well as 0-100km in less than 3 seconds, boost pass, traction control, intense braking, and regen in what would normally be a washing machine of laps around the track.
We calmly rolled out onto the track as the professional driver turned off various overspeed alert systems and explained the sport mode of Active Ride.
We got to a line and stopped.
“Ok – let me know if it is too much or if you feel – not right.”
“All good,” I say as he puts his foot down and we launch down the straightaway.
I’ve experienced various fast accelerations and insane modes – and this was a bit more than I had expected. For sure we hit the 100kph in 3 seconds and we just kept going at what felt like the same acceleration for another several seconds, now I was along for the ride.
I did indeed feel “not right” for a moment, but that transformed into a huge smile.
The straight-away quickly disappeared, and a wet corner awaited us.
The driver let off the acceleration but waited until the last moment to leverage braking, and we whipped around the corner – it felt effortless, and the Cayenne kept the body roll much lower than expected.
A few more zigs and zags, meanwhile, inside felt nothing like a washing machine. It was quite tame.
As mentioned, it was a cool (11ºC) and rainy day in Leipzig, and we were on summer tires.
“The tires are a bit cold,” he matter-of-factly stated as he raced us through another chicane, trying to intentionally get the car to slide. Down the back straight, up and over a hill.
It all felt bonkers, but somehow smooth.
As we started another lap with a bit less brute speed and more “throwing” the car into turns to force it to slide, to demonstrate how quickly it returned to the line each time.
Oversteer, intentional slide, gunning it, braking turn, whatever. The Cayenne Electric complied and recovered and kept everything quite calm in the cabin.
Yes – the driver is a pro and can handle all the power and unstable situations with all the safety and control features “off”.
But also yes – this is a production electric SPORTS utility vehicle built for a normal person to drive.
I hope to see what a non-professional driver can do with all this power and tech as the launch gets closer.
Overall, the day made the impression that the engineering team understood the assignment.
To create an Electric SUV that is “Powerful, Practical, and unmistakably Porsche.”
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