Lucid Motors reported the third-quarter financial results amid an operational reset under new CEO Silvio Napoli. The EV startup has reported a 30% reduction in cash consumption, while also securing $1.75 billion in funding from its Saudi investors. This comes in clutch as CEO Napoli admitted Lucid lost sales because they couldn't figure out "where cars were."
Lucid Motors reported another quarter of heavy losses, with a net loss of $831 million. Thanks to massive cuts and adjustments made since Silvio Napoli was appointed CEO in June, the cash hemorrhage was cut by 30%, to just under $1 billion during the quarter. All in all, a good result in the struggle to stay afloat and bring the Cosmos compact EV to market.
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