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Electric vehicle startup Lucid shares jump on new reservations, production in 2022

The launch of Lucid electric vehicles on September 28, 2021 announced that production of the first vehicles for customers began at the Casa Grande, Arizona plant.

Lucid

Lucid Group shares jumped more than 5% after business hours after the launch of electric vehicles announced a marked increase in car bookings and confirmed a production plan for next year.

The company said Monday it has more than 17,000 orders for the Air sedan, up from 13,000 in the third quarter. According to the company, the order book up to September amounted to $ 1.3 billion.

Lucid also confirmed a plan to produce 20,000 vehicles for next year, but said obstacles to achieving those plans remain.

“We remain confident in our ability to reach 20,000 units in 2022,” said Lucid CEO Peter Rawlinson. “This goal is risky given the current challenges facing the automotive industry, with global supply chain and logistics disruptions. However, we are taking steps to mitigate these concerns and look forward to the launch of the Grand Touring, Touring and Pure versions of the Lucid Air by 2022. “

Lucid did not immediately release financial results for the third quarter, except that it increased its balance sheet to $ 4.8 billion in cash by the end of the quarter.

The shares closed at $ 44.88 a share, up 2.2%. The share price remains below a 52-week high of nearly $ 65 a share in February, when it was revealed that Lucid was approaching a deal with Churchill Capital IV Corp.

Lucid shares are up more than 80% after the company went public in a reverse merger with Churchill in July. The biggest daily growth of 31% occurred late last month, when the company confirmed that shipments of the Lucid Air Dream Edition to customers had begun.

The all-electric Air sedan was named MotorTrend’s Car of the Year on Monday, a coveted award in the auto industry. According to the publication, this is the first time the first product of a new car company has won an award.

In total, Lucid said it plans to ship 520 user-customizable versions of the Lucid Air Dream Edition, followed by cheaper models. In July, Lucid told investors it plans to produce 20,000 Lucid Air sedans in 2022, which will generate more than $ 2.2 billion in revenue, according to an investor presentation.

The Dream Edition is a $ 169,000 special edition of the flagship sedan with an industry-leading range of up to 520 miles, according to EPA. Prices for the entry-level version of the car, the Lucid Air sedan, start at $ 77,400 before a federal tax credit to $ 7,500 for plug-in cars.

Lucid is one of the few EV startups to go public since last year through deals with SPAC. But unlike many of its SPAC peers, Lucid actually generates revenue and makes cars. He has also so far avoided any federal investigations into potentially misleading investor statements, unlike other companies such as Nikola, Lordstown Motors and Canoo.


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