Lucid Group ended its first quarter as a public company with a booming stock price and ongoing customer deliveries as it seeks to take the lead in the burgeoning luxury electric vehicle market.
The company has come a long way since its founding as Atieva in 2007. After focusing on the manufacture of batteries and powertrains for electric vehicles to the production of a range of luxury vehicles, the The company went public in July after merging with Churchill Capital IV Corp. in one of the most anticipated EV SPAC offers of the year.
Shares of newcomer EV have nearly doubled in the past calendar month, from around $ 27 per share on Oct. 27 to $ 44.88 at market close on Monday. The jump is likely due to the fact that the company began shipping to more than two dozen customers of the $ 169,000 Air Dream Edition sedan at the end of October. A few weeks earlier, the automaker announced that this variant had the longest EPA-certified range of any electric vehicle on the market at over 520 miles, while the Lucid Grand Touring received a rating of 516 miles.
Overall, guest bookings jumped to 13,000 in the third quarter, reflecting revenue of about $ 1.3 billion, the company said. Since the end of the quarter, bookings have jumped again to over 17,000; this is up from the 11,000 bookings in July. The bulk of bookings are made by people in the United States, Lucid Group CEO Peter Rawlinson told investors on Monday, with Saudi Arabia in second place in booking order. The company has received significant financial investments from Saudi Arabia’s sovereign wealth fund, and the fund continues to be the automaker’s largest shareholder.
Rawlinson said in a statement that he was confident the company would reach a production capacity of 20,000 vehicles next year. Lucid’s longer-term goal is just a little more ambitious: 500,000 units by the end of the decade. But first, the company aims to deliver 520 Dream Editions to customers on initial rollout, followed by Grand Touring, Touring, and Air Pure (the base model, which starts at around $ 77,000) next year.
The vehicles are manufactured at Lucid’s manufacturing facility in Casa Grande, Ariz., Which it plans to expand to approximately 2.85 million square feet. The goal is to eventually manufacture up to 90,000 vehicles per year at the plant by the end of 2023, including the mysterious âProject Gravityâ SUV, and up to 365,000 units in total, said Rawlinson.
Gravity is on track for production at the end of 2023, executives confirmed during the call to investors. Rawlinson didn’t add too many details on the SUV, other than swearing that it’s going to be “as disruptive in the SUV space as Air is in its space.”
As for financials, the company ends the quarter with approximately $ 4.8 billion in cash, including $ 4.4 billion from the PSPC and PIPE merger, as well as on-balance sheet cash at the time of the launch. closing of the transaction. CFO Sherry House clarified that while the cost of production is reflected in this quarter’s earnings, vehicle revenue will not be reflected in the financial statements until the next quarter as deliveries to customers began on October 30. .
Also on Monday, Lucid Air was announced as MotorTrend’s 2022 Car of the Year. âFor a new brand and a new business to win, to my knowledge this has only been done once before. I should know I was there, âsaid Rawlinson, referring to Tesla’s victory for the Model S in 2012. Rawlinson previously worked as a Model S automotive engineer after joining the company in 2009.