Business
Lucid Announces Third Quarter 2022 Financial Results, On Track for Annual Production Guidance of 6,000 to 7,000 Vehicles
Record quarterly production of 2,282 vehicles, more than triple Q2On track for annual production guidance of 6,000 to 7,000 vehiclesQ3 revenue of $195.5M
About this update from Lucid Group, Inc.
[{"type":"text","content":"Record quarterly production of 2,282 vehicles, more than triple Q2On track for annual production guidance of 6,000 to 7,000 vehiclesQ3 revenue of $195.5M driven by customer deliveries of 1,398 vehicles in the quarterStrong demand with over 34,000 reservations, representing potential sales of over $3.2BAnnounced plans to open Project Gravity SUV reservations in early 2023NEWARK, Calif., Nov. 8, 2022 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced financial results for its third quarter ended September 30, 2022. Lucid reported Q3 revenue of $195.5 million on deliveries of 1,398 vehicles. The Company reported strong customer demand for Lucid Air with reservations over 34,000, as of November 7, 2022, representing potential sales of over $3.2 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia. Lucid ended the quarter with approximately $3.85 billion cash, cash equivalents, and investments, which is expected to fund the Company at least into the fourth quarter of 2023.\n\n \n \n \n \n \n \n\n \n\"I'm delighted to say that we've made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,\" said Peter Rawlinson, Lucid's CEO and CTO. \"I'm also pleased to announce that we've now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up.\"\n\"We continue to have strong demand with over 34,000 reservations as of November 7, 2022,\" said Sherry House, Lucid's CFO. \"We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp.\" \nAbout Lucid GroupLucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspi...