By Sam Boughedda
Investing.com — Lucid Group Inc (NASDAQ:LCID) announced its third quarter earnings Monday, with its shares rising over 5% after hours.
The company told investors that customer reservations rose to 13,000 during the quarter, reflecting an order book of approximately $1.3 billion, with the number since increasing to over 17,000.
Lucid started customer vehicle production at its Advanced Manufacturing Plant in Casa Grande, Arizona, and made its first customer deliveries in the quarter. In addition, it was announced before the bell on Monday that the Lucid Air won the 2022 MotorTrend Car of the Year.
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."
Lucid's stock rose 5% higher to $47.13 after the earnings were released.
Looking ahead, Rawlinson added: "We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona. We remain confident in our ability to achieve 20,000 units in 2022."
However, the company's CEO recognized that the target has some risk given the automotive industry's ongoing challenges, with global disruptions to supply chains and logistics.
"We are taking steps to mitigate these challenges, however, and look forward to the launch of the Grand Touring, Touring, and Pure versions of Lucid Air through 2022," he explained.