Lucid (LCID) Q3 2024 results

Electric car manufacturer Lucid Group slightly beat Wall Street's expectations for the third quarter as the automaker cuts costs ahead of plans to begin consumer production of a new SUV by the end of this year.

Here's how the company performed in the quarter compared to LSEG's average estimates:

• Loss per share: 28 cents adjusted vs. a loss of 30 cents is expected
• Revenue: $200 million versus expected $198 million

The company's net loss widened to $992.5 million in the third quarter. In comparison, the previous year's loss was $630.9 million.

The automaker's third-quarter costs were $324.4 million for research and development and $233.6 million for sales, general and administrative, increasing 40.1% and 23%, respectively, from a year ago. 1%.

The company reiterated its plans to produce around 9,000 vehicles this year, an increase of 6.8% compared to 8,428 units in 2023.

Lucid said it had total liquidity of $5.16 billion at the end of the quarter. That excludes a stock offering and a $1.75 billion capital raise last month that surprised many investors.

Lucid's stock has been under pressure this year due to widening losses, slower-than-expected sales and significant cash burn. The company's shares have fallen about 45% this year, including an 18% drop – its worst one-day loss since December 2021 – after its recent capital raise.

Rawlinson previously told CNBC that the public offering of nearly 262.5 million shares of common stock was a timely, strategic business decision to ensure the electric vehicle company has sufficient capital for its ongoing operations and growth plans.

The company reiterated on Thursday that its current funding now secures its capital through 2026 before launching a new mid-sized platform later this year.

Lucid is currently in a highly capital-intensive investment phase as the company expands its only U.S. factory in Arizona. builds a second factory in Saudi Arabia; is preparing to launch its second product, an SUV called Gravity; develops its next-generation powertrain; and is expanding its retail and service network.

The company said in its second-quarter earnings call that capital spending this year was expected to be $1.3 billion due to cost-cutting measures, down from the previous forecast of $1.5 billion.

Lucid reported third-quarter results on Thursday afternoon after placing orders for its upcoming Gravity SUV, which is expected to begin consumer production later this year.