Lucid Group backs production guidance, plans to open up reservations for new model
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Lucid Group (NASDAQ:LCID) traded lower late on Tuesday after Q3 revenue and EPS came in short of the consensus expectation of analysts.
The electric vehicle maker produced 2,282 vehicles during Q3 at its manufacturing facility in Arizona, more than tripling the number produced in Q2, and delivered 1,398 vehicles during the quarter. Execs noted that the automaker has proven its ability to produce 300 cars a week, with a visible pathway to the next incremental ramp up.
Lucid (LCID) also reported strong customer demand for the Lucid Air model with reservations over 34K, as of November 7, representing potential sales of over $3.2B. That tally does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia.
Looking ahead, LCID believes it is on track to deliver on its previously provided 6K to 7K vehicle production guidance for FY2022, which was cut down from original expectation of 12K to 14K vehicles. The company plans to open reservations for Project Gravity SUV in early 2023, which it thinks unlock a very large and incremental addressable market for it.
Lucid ended the quarter with approximately $3.85B in cash, which is expected to fund the company until at least into Q4 of 2023.
Shares of Lucid Group (LCID) fell 2.97% in after-hours trading after a .274% decline in the regular session.
Read a recent breakdown on Lucid Group from Seeking Alpha author Mobility Matters Research.