Lucid Group Q3 Earnings Highlights: 13,000 Reservations, $1.3B Order Book, Production Update

Electric vehicle company Lucid Group LCID reported third-quarter financial results after market close Monday.

Here are the highlights investors should know.

What Happened: The company ended the third quarter with $4.8 billion in cash.

Lucid Group reported reservations for the Lucid Air totaled 13,000 in the third quarter. This total represented an order book of around $1.3 billion to end the third quarter. Since the close of the quarter, reservations stand at more than 17,000.

The company started customer production and deliveries, its first as a publicly-traded company after completing its well-publicized SPAC merger. 

“We successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona and opened new retail and service locations in advance of the Lucid Air launch,” Lucid Group CEO Peter Rawlinson said.

The Lucid Air has range of over 500 miles, as validated by the EPA in an independent test.

“Our progress this quarter demonstrates our focus on execution, our cutting-edge technology and our vision to help with solutions to address the climate challenges we all face.”

Lucid had 13 retail locations open at the end of the third quarter in what it calls “key geographies.”

The company announced Lucid Care, a new program to offer service capabilities.

The Lucid Air was named the 2022 MotorTrend Car of the Year Monday.

Related Link: 9 Key Takeaways From The Lucid Motors SPAC Merger 

What’s Next: Lucid Group highlighted its investment in the continued expansion of manufacturing.

The company’s Arizona facility is operation with production capacity that will reach 34,000 vehicles per year. New expansion from the company was kicked off with plans to reach capacity of 90,000 vehicles per year by the end of 2023.

“We look forward to ramping up production of our Grand Touring, Touring and Pure models and expanding our footprint internationally,” Rawlinson said.

Plans from the company call to add retail locations in the coming years including Canada in the fourth quarter, the EMEA region in 2022 and China in 2023.

“We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona.”

The company plans on reaching its level of production capacity of 20,000 annual units in 2022.

Price Action: LCID shares are up 6% to $47.44 in after-hours trading.

Disclosure: The author is has a long position in LCID.