What's Going On With Lucid Group Stock?

Lucid Group Inc LCID shares are moving higher in Thursday's after-hours session after the company reported better-than-expected financial results.

Lucid Group reported first-quarter revenue of $57.7 million, which beat the $53.43 million estimate, according to data from Benzinga Pro. The company reported a quarterly net loss of 5 cents per share, which beat the estimate for a loss of 30 cents per share.

Lucid said it delivered 360 vehicles in the first quarter. Demand remains strong with more than 30,000 customer reservations, reflecting potential sales of $2.9 billion.

Lucid also said production remains on track to reach 12,000 to 14,000 vehicles in 2022.

Lucid announced revised pricing across most models beginning June 1. New reservations will be priced in the U.S. at $154,000 for Air Grand Touring, $107,400 for Air Touring, and $87,400 for Air Pure. The company said it would honor current pricing for existing reservation holders.

LCID 52-Week Range: $16.12 - $57.75

The stock was up 0.64% in after-hours at $18.97 at press time.

Photo: courtesy of Lucid.