NEWARK, Calif. - Lucid Group, Inc. (NASDAQ:LCID) shares jumped 6% in after-hours trading after the electric vehicle maker reported better-than-expected third quarter results.
The company posted revenue of $200 million, surpassing analyst estimates of $196.47 million. Lucid delivered 2,781 vehicles in Q3, up 90.9% compared to the same period last year.
Adjusted loss per share came in at $0.28, narrower than the $0.31 loss analysts were expecting.
"Our momentum continues with our third consecutive quarter of record deliveries," said Peter Rawlinson, CEO and CTO at Lucid.
The company produced 1,805 vehicles in Q3 and said it remains on track to manufacture approximately 9,000 vehicles in 2024.
Lucid ended the quarter with $5.16 billion in total liquidity. The company recently completed a capital raise of approximately $1.75 billion in October to extend its financial runway into 2026.
While still posting losses, Lucid noted improvements in gross margins as cost reduction efforts gain traction. The company opened orders for its new Gravity SUV, which is slated to start production later this year.
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