Lucid Group points to accelerating demand as production ramp progresses
$Lucid Group(LCID.US$ reports that it surpassed 13,000 vehicle reservations in Q3 for an estimated order book of greater than $1.3B. The company says demand is accelerating as it ramps up production capabilities in Arizona.
The electric vehicle maker is confident in its ability to hit 20K units in 2022 even as it acknowledges execution risk.
Lucid also notes that it significantly strengthened its balance sheet in Q3, with the closing of the de-SPAC reverse merger + PIPE bringing in approximately $4.4B to the balance sheet. The company ended the quarter with a cash position of around $4.8B.
Shares of Lucid Group are down 1.09% in after-hours trading to $44.39. Execs will be on a conference call at 5:00 p.m. ET.
Earlier today, the Lucid Air won the Motor Trend Car of the Year award.
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lusy bubb : Lucid is also developing an all-electric large SUV-code-named Project Gravity, the new car is expected to be unveiled in 2022
Kieron Morley : Hope this won’t be another NKLA with fake promises (orders)
Spider-Man to moon Kieron Morley : I don't think its anything like NKLA but its pretty pricy here. Over 30 times 2022 revenues for a car company that won't earning anything. I'll pass.
Sam White Spider-Man to moon : Aren't you a bit confused? After all, you are positive on Tesla if memory serves me but Tesla is a much older company and is still selling for 330 times earnings and 20 times revenues. Isn't that pricy?
MHfin Kieron Morley : Order aren't promises, that's consumer demand , promise made by CEO is he wants to built better quality EV's, TSLA is 32 out of 32 in quality survey..Lcid pre oder is up 17k+ from 13k
2uEaAZ5u1B : LUCID Air is perfect candidate for APPLE. what if Apple buy this company and together this can become mega monster EV corp.
H3U3lt3Ycd 2uEaAZ5u1B : At what price? Their market cap is $71B and growing. The best is partnering on a car.
Happymoooooo : Shares are trading at 46.62 (up from closing at 44.88)
4W7smhOHmW : Small operation in a niche market. Should have decent earnings in a few years but the price is still 80% too high.
sbSeUJwoWL 4W7smhOHmW : That’s what I’ve said for the last 20+ years for Google, Amazon, Facebook, Netflix etc etc and missed out on nearly all of it. And so I bought companies that I thought were undervalued. The overvalued ones kept going up. And the undervalued ones lagged further behind.
But per your first statement about a niche market, there are roughly 10M autos sold in this country annually and 25M annually in China. Not really a niche market if you ask me.
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