Saudi Arabia’s Public Investment Fund-backed EV maker Lucid’s net losses increased by 71.2% y-o-y in 2Q 2023 y-o-y to USD 766.6 mn, according to an earnings release (pdf). This comes despite the company’s revenues increasing by 35.5% y-o-y in 2Q to USD 150.9 mn on the back of 1.4k vehicles being delivered — some delivered to Saudi Arabia for the first time. PIF owns a 60.5% stake in the EV company.

Big losses despite an increase in revenues: Lucid’s net losses increased by 80.4% y-o-y in 1H 2023 recording a loss of USD 1.5 bn despite revenues increasing 48.4% y-o-y to USD 300.3 mn during the same period.

Manufacturing took a dip: The number of cars manufactured by Lucid decreased 6% from 2.3k vehicles to almost 2.2k q-o-q, according to an earnings release presentation (pdf). The company aims to manufacture over 10k vehicles in 2023.

REMEMBER- In efforts to boost production, Lucid raised USD 3 bn in capital in 2Q, USD 1.8 bn of which came from PIF. This quarter also saw Lucid join forces with Aston Martin to make the British ultra-luxury car maker’s future electric vehicles while also making way for Lucid to grab a 3.7% stake in the British company. Lucid said late last year that 80% of its electric vehicles will be made in Saudi Arabia by 2030 as it aims to build a full production plant in the country. Construction of the facility began in May 2022.