Lucid Shares Rally as Order Book Grows

By Sam Boughedda

Investing.com — Lucid Group Inc (NASDAQ:) introduced its third quarter earnings Monday, with its shares rising over 5% after hours.

The corporate instructed buyers that buyer reservations rose to 13,000 throughout the quarter, reflecting an order e-book of roughly $1.3 billion, with the quantity since rising to over 17,000.

Lucid began buyer automobile manufacturing at its Superior Manufacturing Plant in Casa Grande, Arizona, and made its first buyer deliveries within the quarter. As well as, it was introduced earlier than the bell on Monday that the Lucid Air gained the 2022 MotorTrend Automobile of the 12 months.

Peter Rawlinson, CEO & CTO of Lucid, mentioned: “We’re tremendously excited by our accomplishments in our first quarter as a publicly traded firm. We efficiently started manufacturing of autos for buyer deliveries, continued investing in capability growth of our manufacturing facility in Arizona, and opened new retail and repair areas prematurely of the Lucid Air launch.”

Lucid’s inventory rose 5% greater to $47.13 after the earnings had been launched.

Wanting forward, Rawlinson added: “We see important demand for the award-winning Lucid Air, with accelerating reservations as we ramp manufacturing at our manufacturing facility in Arizona. We stay assured in our capability to realize 20,000 items in 2022.” 

Nonetheless, the corporate’s CEO acknowledged that the goal has some threat given the automotive trade’s ongoing challenges, with world disruptions to provide chains and logistics. 

“We’re taking steps to mitigate these challenges, nonetheless, and look ahead to the launch of the Grand Touring, Touring, and Pure variations of Lucid Air by 2022,” he defined.