Thursday, June 20, 2024

New car brand has lost DKK 4.7 billion. kroner in 3 months

Lucid continues to burn off finances at a furious pace, although the car brand's losses have actually shrunk.

The American car brand Lucid loses DKK 2.3 million every time a new car rolls off the assembly line, the reverse is not 'particularly often'.

Last year, Lucid, which Tesla director Elon Musk has criticized for being supported by a Saudi sugar daddy, built just under 8,500 cars. 8,428 to be exact.

But it hurts the economy, and Lucid has dragged the pocket pain into 2024. In the course of the first three months of the year, the car brand, which indeed has ties to Saudi Arabia, has lost a whopping DKK 4.7 billion.

This appears from the quarterly accounts, which have just been published .

READ ALSO: Swedish city will ban all vintage cars without catalytic converters

However, it is almost DKK 700 million less than Lucid added in the same period just one year ago. The management also continues to believe that there is light at the end of the tunnel.

In January it emerged that Lucid shares had never been lower. At the time, it hovered around 3 dollars, only to actually fall further in the month of April.

Now, however, the share has once again crept above 3 dollars. However, it is still far better than the situation Fisker Inc. and founder Henrik Fisker stands in.

Right now, Fisker Inc. where Henrik Fisker's house is worth more than the entire car brand, and at the factory in Austria it is not believed that production will ever start again.Read more about it here .

Back at Lucid, as mentioned, the future is brighter. Managing director Peter Rawlinson believes it will be possible to build 9,000 cars this year, and according to finance director Gagan Dhingra there are still places where Lucid can save money.

At the same time, there are plans to expand the model program from one to two models. There is an SUV on the way. So are the buttons in the cabin. Read more about it here .

Read more exciting news from and about the world of cars right here

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