I know that things in the USA are bigger and better than anywhere else but this is ridiculous 😎
Luxury electric vehicle manufacturer Lucid Motors has posted massive losses while reportedly losing over $225,000 per sold car.
According to the company's latest quarterly earnings release, the market has not responded well to its products. Lucid listed a $630.9 million net less for the quarter, stemming from remarkable overhead costs.
The $137.8 million in revenue was dwarfed by a $469.7 million lost from "Cost of Revenue." Additionally, "R&D Operating Expenditures" cost another $230.8 million, while "SG&A Operating Expenditures" provided another $189.7 million in losses.
In total, the company's "Free Cash Flow" was a whopping negative $706.1 million. These numbers are actually an upgrade from 2022, when the company lost $530 million and was in the hole for $860 million.