Why Lucid Shares Are Rising Today

Lucid Group Inc LCID is trading higher Tuesday after the company announced its third-quarter financial results. 

Lucid Group reported that reservations increased to 13,000 during the third quarter, representing an order book of approximately $1.3 billion. Since the close of the quarter, the company said reservations increased beyond 17,000 total. 

Lucid announced that it ended the third quarter with approximately $4.8 billion in cash.

Vehicle production in Lucid's Advanced Manufacturing Plant began in the third-quarter. The company also said that the second phase of construction at its plant is underway. 

"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," said Peter Rawlinson, CEO of Lucid.

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

Lucid said it remains confident that it will produce 20,000 units in 2022.

Related Link: Tesla Rival Lucid Group's Debut Vehicle Named MotorTrend Car Of The Year

The Lucid Air was selected as the 2022 MotorTrend Car of the Year on Monday.

LCID Price Action: Lucid was up 7.53% at $48.31 at time of publication.

Photo: courtesy of Lucid.