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Electric vehicle company Lucid Group Inc LCID reported third-quarter financial results and production figures after hours Tuesday. Here are the key highlights.
What Happened: Lucid Group reported third-quarter revenue of $195.5 million. The revenue total missed a Street estimate of $209.1 million according to Benzinga Pro.
The company reported record production of 2,282 vehicles in the third quarter, which was more than triple what the company reported in the second quarter. Deliveries in the third quarter were 1,398 units.
Lucid ended the third quarter with $3.85 billion in cash and investments, which it said will fund the company through at least the fourth quarter of 2023.
“I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000 to 7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2,” Lucid CEO Peter Rawlinson said.
Related Link: Lucid Group Opens First Studio In The Middle East
What’s Next: Lucid said it was on track for its updated guidance of annual production of 6,000 to 7,000 vehicles.
“I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up,” Rawlinson said.
The company stated it had more than 34,000 reservations for the Lucid Air, which represented potential sales of more than $3.2 billion. The reservation total did not include up to 100,000 vehicles in a deal with the government of Saudi Arabia.
Lucid said it planned to open reservations for the upcoming Gravity SUV in early 2023.
Lucid CFO Sherry House said opening up reservations for the Gravity SUV could “unlock a very large and incremental addressable market” for the company.
“We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp,” House said.
Lucid will highlight new versions of its vehicles with an online global event on Tuesday, Nov. 15.
LCID Price Action: Lucid shares are down 13.41% to $11.69 in after-hours trading Tuesday.
Read Next: Here’s How Many Vehicles Lucid Group Produced And Delivered In Q3 And How It Stacks Up To Rivals
Photo: Courtesy Lucid
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Image and article originally from www.benzinga.com. Read the original article here.