The Lucid electric vehicle startup on September 28, 2021 said production of its first cars for customers had started at its plant in Casa Grande, Arizona.
Lucid Group shares jumped more than 5% during after-hours trading before declining roughly even after releasing its first quarterly financial results as a public company.
The electric vehicle start-up announced a noticeable increase in vehicle bookings and confirmed its production target for next year, while reporting a net loss of $ 524.4 million in the third quarter.
Lucid, which went public through a PSPC deal in July, said it lost $ 1.5 billion in the first nine months of the year.
The company said Monday it had more than 17,000 reservations for its Air sedan, up from 13,000 in the third quarter. Reservations through September represented an order book of $ 1.3 billion, the company said.
Lucid also confirmed its production target of 20,000 vehicles for the next year, but said obstacles remained to achieving those plans.
âWe remain confident in our ability to reach 20,000 units in 2022,â Lucid CEO Peter Rawlinson said in a press release. “This goal is not without risk given the current challenges facing the auto industry, with global disruptions in supply chains and logistics.”
Rawlinson said the automaker is taking steps to ease supply chain hurdles and still plans to launch cheaper versions of Lucid Air through 2022.
The automaker’s third-quarter revenue was $ 232,000, largely thanks to a battery deal with Formula E’s electric racing league, Lucid Sherry House CFO told Wall analysts on Monday. Street on a call. She said the company will start recording revenue from vehicle sales and reporting sales details from the fourth quarter.
Shares closed at $ 44.88 per share, up 2.2%. The share price remains below its 52-week high of almost $ 65 a share in February when it was announced that Lucid was on the verge of closing a deal with blank check firm Churchill Capital IV Corp . to become public.
Lucid shares have risen more than 80% since the company went public through a reverse merger with Churchill in July. The biggest daily increase of 31% came at the end of last month when the company confirmed that deliveries to customers of the Lucid Air Dream Edition were starting.
âI feel good with the price of our shares,â House told CNBC in a telephone interview. âThe momentum we’ve had, where we’re at today and also the growth trajectory, frankly, it’s ahead of us. vehicle variants and sustainable technology. “
Rawlinson echoed these remarks: “I think what’s going on in the value of our stocks reflects our status as a technology company more than an auto company.”
On Monday, the all-electric Air sedan was named MotorTrend’s Car of the Year, a coveted auto industry award. This is the first time that a new automaker’s initial product has received the award, according to the publication.
In total, Lucid has announced plans to deliver 520 customer-configured Lucid Air Dream editions, followed by production of low-cost models. Lucid told investors in July that he plans to produce 20,000 Lucid Air sedans in 2022, generating more than $ 2.2 billion in revenue, according to an investor presentation.
The Dream Edition is a $ 169,000 special edition of its flagship sedan, with a top range of up to 520 miles, according to the EPA. The price of an entry-level version of the car, the Lucid Air sedan, starts at $ 77,400 before a federal tax credit of up to $ 7,500 for plug-in vehicles.
Lucid is one of a handful of electric vehicle start-ups to go public thanks to deals with SPAC companies since last year. But unlike many of its PSPC peers, Lucid actually generates revenue and produces vehicles. He has also so far avoided any federal investigation into potentially misleading statements to investors, unlike others such as Nikola, Lordstown Motors and Canoo.