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Lucid Shares On The Rise

00:01:05

Lucid Group ($LCID@US) is trading higher this morning after the company announced its third-quarter financial results. The luxury electric vehicle producer reported that reservations increased to 13,000 during the third quarter, representing an order book of approximately $1.3 billion. Since the close of the quarter, the company said reservations increased beyond 17,000 total. Lucid also announced that it ended the third quarter with approximately $4.8 billion in cash. Vehicle production in Lucid’s Advanced Manufacturing Plant began in the third quarter. The company also said that the second phase of construction at its plant is underway. Lucid CEO Peter Rawlinson credits the rise to successful production of vehicles for customer deliveries, continued investment in capacity expansion at its manufacturing facility in Arizona, and new retail and service locations in preparation for the Lucid Air launch. The company plans to ramp up production of its Grand Touring, Touring, and Pure models and remains confident it will produce 20,000 units in 2022. The Lucid Air was selected as the 2022 MotorTrend Car of the Year on Monday. Lucid was up 7.53% at $48.31 at the time of publication.

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