Lucid built just 7,000 of its Air luxury sedans last year amid manufacturing challenges but expects to make between 10,000 and 14,000 vehicles in 2023.
Lucid's quarterly revenue marks a sharp increase from the same period last year, when it had just begun production of the Air sedan and brought in $26.4 million. The company's bottom line likewise improved, coming in narrower than the 64-cent loss per share it posted in the year-ago period.
The company ended the year with about $4.4 billion in cash and roughly $500 million available via lines of credit, enough to last until the first quarter of 2024, chief financial officer Sherry House told CNBC. Lucid had $3.85 billion in cash as Sep. 30; it from Saudi Arabia's Public Investment Fund and other investors via an equity offering in December. The Saudi public wealth fund owns about 62% of Lucid.
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