US electric vehicle maker Lucid reduced third-quarter free cash consumption to 1.04 billion dollars, down 30 per cent from the preceding quarter. An expanded loan facility adds 1.75 billion dollars of borrowing capacity. Including that increase, pro forma liquidity reaches 3.75 billion dollars as the company continues vehicle and manufacturing investment.
US electric vehicle producer Lucid reported a sequential reduction in cash consumption in its third-quarter results and announced expanded borrowing capacity.[1], [2]
Free cash consumption was 1.04 billion dollars, down 30 per cent from the preceding quarter. Revenue for the period ended 30 September rose 4 per cent annually to 350 million dollars.[1]
Quarter-end liquidity stood at 2 billion dollars. A 1.75 billion dollar increase in the delayed-draw term loan facility supported by Saudi Arabia’s Public Investment Fund takes pro forma liquidity to 3.75 billion dollars. The increase expands funds available to borrow. Management expects the combined resources to fund operations and key investment into the fourth quarter of 2027.[1]
The cash improvement program had delivered 800 million dollars of savings during the year against an annual target of 1.4 billion dollars. Finance chief Alexander De Bock said the operating changes involved matching manufacturing capacity to demand, lowering inventories and reducing operating expenses. Testing continued on the Midsize vehicle program, with production planned for the second half of 2027. Lucid designs vehicles internally and assembles them in Arizona and Saudi Arabia.[1]
