Lucid Group, Inc. (NASDAQ: LCID) noted its shares flailing early Wednesday, as the car maker announced third quarter financial figures.
The Newark, Calif. Company, “setting new standards with the longest-range, fastest-charging electric car on the market,” reported Q3 revenue of $195.5 million on deliveries of 1,398 vehicles. The Company reported strong customer demand for Lucid Air with reservations over 34,000, as of November 7, 2022 , representing potential sales of over $3.2 billion .
This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia . Lucid ended the quarter with approximately $3.85 billion cash, cash equivalents, and investments, which is expected to fund the Company at least into the fourth quarter of 2023.
“I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” said CEO Peter Rawlinson ,
“Lucid’s mission,” says this morning’s news release, “is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California -inspired design that features luxurious full-size interior space in a mid-size exterior footprint.”
LCID sank $1.75, or 12.9%, to $11.76.