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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If you’ve ever wondered what happens when you combine a fruit cart, a cargo bike, and a Piaggio Ape all in one vehicle, now you’ve got your answer. I submit, for your approval, this week’s feature for the Awesomely Weird Alibaba Electric Vehicle of the Week column – and it’s a beautiful doozie.
Feast your eyes on this salad slinging, coleslaw cruising, tuber taxiing produce chariot!
I think this electric vegetable trike might finally scratch the itch long felt by many of my readers. It seems every time I cover an electric trike, even the really cool ones, I always get commenters poo-poo-ing it for having two wheels in the rear instead of two wheels in the front. Well, here you go, folks!
Designed with two front wheels for maximum stability, this trike keeps your cucumbers in check through every corner. Because trust me, you don’t want to hit a pothole and suddenly be juggling peaches like you’re in Cirque du Soleil: Farmers Market Edition.
To avoid the extra cost of designing a linked steering system for a pair of front wheels, the engineers who brought this salad shuttle to life simply side-stepped that complexity altogether by steering the entire fixed front end. I’ve got articulating electric tractors that steer like this, and so if it works for a several-ton work machine, it should work for a couple hundred pounds of cargo bike.
Featuring a giant cargo bed up front with four cascading fruit baskets set up for roadside sales, this cargo bike is something of a blank slate. Sure, you could monetize grandma’s vegetable garden, or you could fill it with your own ideas and concoctions. Our exceedingly talented graphics wizard sees it as the perfect coffee and pastry e-bike for my new startup, The Handlebarista, and I’m not one to argue. Basically, the sky is the limit with a blank slate bike like this!
Sure, the quality doesn’t quite match something like a fancy Tern cargo bike. The rim brakes aren’t exactly confidence-inspiring, but at least there are three of them. And if they should all give out, or just not quite slow you down enough to avoid that quickly approaching brick wall, then at least you’ve got a couple hundred pounds of tomatoes as a tasty crumple zone.
The electrical system does seem a bit underpowered. With a 36V battery and a 250W motor, I don’t know if one-third of a horsepower is enough to haul a full load to the local farmer’s market. But I guess if the weight is a bit much for the little motor, you could always do some snacking along the way. On the other hand, all the pictures seem to show a non-electric version. So if this cart is presumably mobile on pedal power alone, then that extra motor assist, however small, is going to feel like a very welcome guest.
The $950 price is presumably for the electric version, since that’s what’s in the title of the listing, though I wouldn’t get too excited just yet. I’ve bought a LOT of stuff on Alibaba, including many electric vehicles, and the too-good-to-be-true price is always exactly that. In my experience, you can multiply the Alibaba price by 3-4x to get the actual landed price for things like these. Even so, $3,000-$4,000 wouldn’t be a terrible price, considering a lot of electric trikes stateside already cost that much and don’t even come with a quad-set of vegetable baskets on board!
I should also put my normal caveat in here about not actually buying one of these. Please, please don’t try to buy one of these awesome cargo e-trikes. This is a silly, tongue-in-cheek weekend column where I scour the ever-entertaining underbelly of China’s massive e-commerce site Alibaba in search of fun, quirky, and just plain awesomely weird electric vehicles. While I’ve successfully bought several fun things on the platform, I’ve also gotten scammed more than once, so this is not for the timid or the tight-budgeted among us.
That isn’t to say that some of my more stubborn readers haven’t followed in my footsteps before, ignoring my advice and setting out on their own wild journey. But please don’t be the one who risks it all and gets nothing in return. Don’t say I didn’t warn you; this is the warning.
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Environment
Podcast: Trump/GOP go after EV/solar, Tesla, Ford, GM EV sales, Electrek Formula Sun, and more
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump’s Big Beautiful bill becoming law and going after EVs and solar, Tesla, Ford, and GM EV sales, Electrek Formula Sun, and more
Today’s episode is brought to you by Bosch Mobility Aftermarket—A global leader and trusted provider of automotive aftermarket parts. To celebrate Amazon Prime Day July 8th through 11th, Bosch Mobility is offering exclusive savings on must-have auto parts and tools. Learn more here.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
- Electrek FSGP 2025: New teams, new cars, same solar spirit
- Congress votes to send 2 million US jobs to China, increase deficit, energy costs
- Tesla (TSLA) confirms 384,000 deliveries in Q2 2025, right on expectations
- Tesla prototype sparks speculation: a Model Y, maybe slightly smaller
- Tesla launches Oasis Supercharger with solar farm and off-grid batteries
- Tesla unveils its LFP battery factory, claims it’s almost ready
- Here’s why Ford’s electric vehicle sales crashed by nearly a third in Q2
- The Chevy Equinox EV is GM’s breakout star, but that’s not the only surprise
- Xpeng launches G7, a new Tesla Model Y competitor for just $27,000
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
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