Earnings Results: Lucid stock rises as orders rise 30% since end of third quarter
Lucid Group Inc. shares rose in the extended session Monday after the luxury electric-vehicle maker said orders grew more than 30% since the third quarter ended and forecast that to break 20,000 orders next year.
shares rose 5% after hours, following a 2.2% rise in the regular session to close at $44.88.
The company reported customer reservations of 13,000 in the third quarter for an order book of about $1.3 billion. Lucid said the number of orders has increased to more than 17,000 since then.
“We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona,” said Peter Rawlinson, Lucid’s chief executive, in a statement. “We remain confident in our ability to achieve 20,000 units in 2022.”
“This target is not without risk given ongoing challenges facing the automotive industry, with global disruptions to supply chains and logistics,” Rawlinson said. “We are taking steps to mitigate these challenges, however, and look forward to the launch of the Grand Touring, Touring, and Pure versions of Lucid Air through 2022.”
The company said it closed the third quarter with about $4.8 billion in cash on the books.
Lucid also noted Monday it had won the 2022 MotorTrend Car of the Year.
Lucid went public on the Nasdaq in late July. Back in September, the Environmental Protection Agency officially accredited the company’s Lucid Air Dream Edition Range at 520 miles on a single charge, besting the range of any Tesla Inc.