(LCID) – Lucid Group Third Quarter Results Highlights: 13,000 bookings, $ 1.3 billion backlog, production update

Electric vehicle company Lucid group (NYSE: LCID) released its third quarter financial results after market closed on Monday.

Here are the highlights investors should know.

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

Lucid Group said bookings for Lucid Air stood at 13,000 in the third quarter. This total represents an order backlog of approximately $ 1.3 billion to close the third quarter. Since the end of the quarter, reservations have risen to more than 17,000.

The company has started production and customer deliveries, its first as a publicly traded company after completing its high-profile PSPC merger.

“We successfully began production of vehicles for customer deliveries, continued to invest in expanding the capacity of our manufacturing facility in Arizona, and opened new sales and service locations prior to the launch of Lucid Air ”, CEO of Lucid Group. Peter Rawlinson noted.

The Lucid Air has a 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 find solutions to address the climate challenges we all face. “

Lucid had 13 stores open at the end of the third quarter in what he calls “key geographies”.

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

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

Related Link: 9 Takeaways From Lucid Motors’ PSPC Merger

And after: Lucid Group highlighted its investment in continued manufacturing expansion.

The company’s plant in Arizona is operating with a production capacity that will reach 34,000 vehicles per year. The company’s new expansion was launched with plans to reach a 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 presence internationally,” said Rawlinson.

The company’s plans are to add retail outlets in the coming years, including Canada in the fourth quarter, the EMEA region in 2022 and China in 2023.

“We are seeing significant demand for the award-winning Lucid Air, with bookings accelerating as we ramp up production at our plant in Arizona. “

The company plans to reach its production capacity level of 20,000 units per year in 2022.

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

Disclosure: The author has a long position in LCID.

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