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PIF-backed Lucid Motors’ losses widened to USD 992.5 mn in 3Q 2024, from a USD 630.9 mn loss during the same period last year, the firm said in an earnings release (pdf). Despite the lower bottom line, the luxury EV maker logged 45.2% growth in revenues to USD 200 mn on the back of a 90.9% y-o-y increase in car deliveries that saw it hand over keys for 2,781 Lucid Airs. Third quarter revenues narrowly exceeded projections of USD 198 mn, Reuters said citing LSEG data.
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On a 9M basis: The firm’s losses widened to USD 2.32 bn in the first nine months of the year, compared to a USD 2.17 bn loss during the same period last year. Meanwhile, revenues climbed 30.9% at USD 573.4 mn.
PIF extended multiple lifelines: Lucid raised USD 1.75 bn during the quarter in a follow-on public offering, with the tally including proceeds from PIF’s purchase of an added 374.7 mn shares in a private placement as part of a USD 1.5 bn arrangement that also included an additional USD 750 mn through an unsecured delayed draw term loan facility.
