Ford Motor Co. lost $62,016 on each electric vehicle it sold during this year’s third quarter. But that looks like a business success compared to Lucid Motors, the luxury electric-vehicle maker. On Tuesday the EV startup reported losing $227,802 per car sold in the latest quarter.
Like several other EV startups, Lucid went public during the pandemic through a merger with a blank-check company. In November 2021, it reached a stunning market value of $91 billion despite having delivered only 125 cars in its history. It’s been downhill since. Lucid’s stock price has fallen 93% from its peak as losses mount.
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