[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) |