Shares of EV start-up Lucid soar on new reservations, 2022 manufacturing

Shares of Lucid Group jumped by greater than 5% throughout afterhours buying and selling after the electrical car start-up introduced a notable improve in car reservations and confirmed its manufacturing goal for subsequent 12 months.

The corporate on Monday stated it has greater than 17,000 reservations for its Air sedan, up from 13,000 via the third quarter. The reservations via September represented an order e-book of $1.3 billion, the corporate stated.

Lucid additionally confirmed its 20,000 car manufacturing goal for subsequent 12 months, however stated hurdles stay for reaching these plans.

“We stay assured in our potential to attain 20,000 models in 2022,” Lucid CEO Peter Rawlinson saind in a launch. “This goal is just not with out danger given ongoing challenges dealing with the automotive {industry}, with international disruptions to provide chains and logistics. We’re taking steps to mitigate these challenges, nevertheless, and look ahead to the launch of the Grand Touring, Touring, and Pure variations of Lucid Air via 2022.”

Lucid didn’t instantly present monetary outcomes for the third-quarter aside from saying it bolstered its steadiness sheet to $4.8 billon in money to finish the quarter.

Shares closed at $44.88 per share, up 2.2%. The inventory worth stays under its 52-week excessive of almost $65 a share in February when it was reported that Lucid was nearing a take care of blank-check firm Churchill Capital IV Corp. to go public.

Shares of Lucid are up by greater than 80% because the firm went public via a reverse merger with Churchill in July. The biggest day by day improve of 31% occurred late final month when the corporate confirmed buyer deliveries of the Lucid Air Dream Version had been starting.

The all-electric Air sedan on Monday was named MotorTrend’s automobile of the 12 months, a coveted award within the automotive {industry}. It marks the primary time that the preliminary product from a brand new automotive firm has obtained the award, in response to the publication.

In complete, Lucid has stated it plans to ship 520 customer-configured Lucid Air Dream Editions, adopted by manufacturing of lower-priced fashions. Lucid informed buyers in July that it expects to provide 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in response to an investor presentation.

The Dream Version is a $169,000 particular version of its flagship sedan, with an industry-leading vary of as much as 520 miles, in response to the EPA. Pricing for an entry-level model of the automobile, the Lucid Air sedan, begins at $77,400 earlier than an as much as $7,500 federal tax credit score for plug-in autos.

Lucid is amongst a handful of EV start-up corporations to go public via offers with SPAC corporations since final 12 months. However not like a lot of its SPAC friends, Lucid is definitely producing income and producing autos. It additionally has to this point prevented any federal probes into doubtlessly deceptive statements to buyers not like others akin to Nikola, Lordstown Motors and Canoo.