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Lucid Triples Q/Q Production Numbers; Reaffirms Full-Year Production Guidance

Stock Markets Oct 12, 2022 10:24
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By Michael Elkins

American electric vehicle maker, Lucid Group Inc (NASDAQ:LCID) announced today their preliminary production and delivery totals for the 3rd quarter. The company produced 2,282 vehicles during Q3 at its manufacturing facility in Arizona, more than tripling the number produced in Q2, and delivered 1,398 vehicles during the same period. These figures are in-line with the company’s expectations as management continues to believe that the EV maker is on track to deliver on its 6,000 to 7,000 vehicle production guidance.

Lucid’s shares opened over 5% higher following the news.

The California-based startup had originally expected to build 20,000 of its Air electric luxury sedans this year. It cut that target to between 12,000 and 14,000 vehicles in February, and again in August, to between 6,000 and 7,000 vehicles for the year, citing logistics challenges as well as ongoing supply chain issues. At that time, Lucid said it had about 37,000 reservations for the Air.

Lucid will host a conference call to discuss its third quarter 2022 financial results on Tuesday, November 8, 2022, at 2:30 pm PT / 5:30 pm ET. Prior to the conference call, the company will issue an earnings press release.

Shares of LCID are up 1.03% in mid-day trading Wednesday.

Lucid Triples Q/Q Production Numbers; Reaffirms Full-Year Production Guidance
 

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