Luxury EV manufacturer Lucid Motors’ recent financial results show heavy losses with the company reporting a stunning net loss of $630.9 million for the quarter.

This massive loss was primarily due to high overhead costs, with $469.7 million lost in “Cost of Revenue” and substantial expenditures in both research and development, and sales, general, and administrative operations.

The Wall Street Journal reports that Lucid Motors is losing an incredible $227,802 per car sold.

This comes after the company went public with a market valuation of $91 billion in November 2021, despite limited production. Lucid’s stock prices have declined significantly since the IPO.

Lucid still maintains substantial financial backing, primarily from Saudi Arabia’s Public Investment Fund, which has committed to purchasing 100,000 vehicles.

This support follows Lucid’s establishment of a manufacturing facility in Saudi Arabia, a significant milestone for the company and the country.

Despite a price reduction, Lucid’s vehicles remain expensive, with the cheapest model starting at around $75,000, disqualifying them from federal tax credits aimed at more affordable electric vehicles.

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