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| Luxury EV Manufacturer Loses $227,000 On Each Car It Sells |
| 2023-11-12 |
| [Daily Caller] A manufacturer of luxury electric vehicles (EVs) lost more than $227,000 on each car it sold in the third quarter. Lucid Motors, headquartered in California, sells four EV models, ranging in price from $74,900 to $249,000, according to its website. The company reported a net loss of $630.9 million in the third quarter, excluding its overhead costs, which comes out to a loss of more than $227,000 on each car it sold, according to its financial filings and The Wall Street Journal’s calculations. The company soared to a $91 billion valuation in November 2021, despite only ever having sold 125 vehicles at the time, according to the WSJ. Since then, the company has seen its share price fall by about 93%. (RELATED: Top EPA Official Pushing EVs Can’t Say How Much Electricity America Uses In A Year) |
| Posted by:Besoeker |
| #6 Volume discounts for two or more. Think of the money you'll save. |
| Posted by: Besoeker 2023-11-12 12:35 |
| #5 "We lose a fortune on every one we sell, but make up for it in volume" |
| Posted by: Frank G 2023-11-12 11:21 |
| #4 I realize that the money is gone (Like the Bitcoin thing.) Who did the money go to? |
| Posted by: ed in texas 2023-11-12 11:11 |
| #3 Saudi Arabia's bet on Lucid Motors, an EV startup widely viewed as a competitor to Tesla, has yet to show a big payoff. Shortly after the electric motor company went public in 2021, the Saudi's 60% ownership stake in Lucid through the Public Investment Fund (PIF) was valued at more than $55 billion, Bloomberg's opinion columnist Chris Bryant wrote. According to Bryant's report, that stake is now worth $5.4 billion — about a 90.2% decrease. The steep drop in the value of Saudi's stake coincides with Lucid's latest quarterly earnings. This week, the company reported a $630.9 million net loss while showing a -207.74% gross margin. That margin means the cost of making Lucid's luxury electric vehicles exceeds the number of cars the company sells. |
| Posted by: Jerens Black9355 2023-11-12 11:05 |
| #2 Biden admin roasted for offering to pay Americans to send videos of their electric vehicles: 'Beyond parody' "'This is what desperation looks like,' one expert said" |
| Posted by: Skidmark 2023-11-12 10:45 |
| #1 Money laundering operation. |
| Posted by: EMS Artifact 2023-11-12 08:53 |