The company, which made 2,314 vehicles in the first quarter, burnt through US$835.7 million of cash in the quarter. Lucid now has US$900 million in cash and cash equivalents and plans to produce more than 10,000 vehicles in 2023, compared with an earlier forecast for 10,000 to 14,000 units. Fisker lowered its annual production target to between 32,000 and 36,000 units from 42,400 cars, blaming supply chain issues and an "updated timing" for roadworthiness certification. The company, which started production of its Ocean SUV just in November and has US$652.5 million in cash, also posted a larger-than-expected loss. For Nikola, cash burn came in at US$240 million, as it produced 63 vehicles.

Source: The Edge Markets May 10, 2023 06:24 UTC