LCID Stock Up 2.16%, Lucid Announces Q3 Results with 17K Customer Reservations for Its Air Sedan

Lucid stock has gained approximately 362%, and 348% in the past year and YTD respectively through Monday.

Lucid Group Inc (NASDAQ: LCID) stock closed November 16, 2021, trading at $44.88, up 2.16%. The gains extended during Monday’s after-hours trading session by approximately 0.94%. The spike is a result of several news updates from the company that includes Q3 earnings results. Notably, the electric vehicle company released its Q3 earnings results on Monday, which ostensibly impressed its shareholders. According to the company, customer reservations for the third quarter rose 13,000. Thereby reflecting an order book of approximately $1.3 billion.

Worth noting, the company announced that the customer reservations for the Air sedan have since increased beyond 17,000. The company noted that customer vehicle production started in the third quarter at Lucid’s Advanced Manufacturing Plant (“AMP-1”) in Casa Grande, Arizona.

At the close of the third quarter on September 30, the company reported a strong balance sheet with $4.8 billion in cash.

Notably, the company went public via a SPAC merger during the third quarter. Thereby bolstering its balance sheet strongly.

Sherry House, CFO of Lucid, said:

“Lucid’s strong balance sheet following the closing of the merger enabled us to drive the growth of our business and execute on our larger mission to inspire the adoption of sustainable energy. Moving forward, we anticipate continuing vehicle deliveries to customers, investing in capacity and capabilities, and providing value to all of our stakeholders.”

Lucid Stock and Market Outlook

According to market analytics provided by MarketWatch, Lucid stock has gained approximately 362%, and 348% in the past year and YTD respectively through Monday.

Peter Rawlinson, CEO & CTO of Lucid, said:

“We are tremendously excited by our accomplishments in our first quarter as a publicly-traded company. 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. We were also pleased to receive independent validation by the EPA of our industry-leading range of over 500 miles for the Lucid Air.”

The company has a market capitalization of approximately $71.11 billion with 1.62 billion outstanding shares. Having been rated 4 times in the recent past, Lucid stock received an average rating of Over.

Other stock market updates can be found here.

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