Lucid Group shares jumped by more than 5% after reporting its first quarterly financial results as a public company.
The electric vehicle start-up announced an increase in vehicle reservations and confirmed its production target for next year, while it reported a net loss of $524.4 million in the third quarter.
The company only went public with a SPAC deal in July and has reported a loss of $1.5 billion through the first nine months of the year. The company reported that it had over 17,000 reservations for its Air sedan, up from 13,000 in the third quarter. The company has an order book of $1.3bn and confirmed a 20,000 vehicle production target for next year.
Although investors hope it will become the next Tesla, that company had first-mover advantage and went through a lot of turmoil to reach its current market cap of $1 trillion.
The price of Lucid saw a February high around the $62.50 level and that marked a near-term top. The price has since fallen to lows at $15.00 but the late-August retest marked a double bottom. The stock is now on a path to retest the previous highs but that will depend on the investor appetite after this week’s earnings.
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