EV maker Lucid Group Inc. strengthened its balance sheet to $4.8 billion cash in the third quarter and used its debut earnings statement to affirm its guidance to produce 20,000 vehicles next year.
Newark, Calif.,-based Lucid said Monday that reservations for its debut EV have surpassed 17,000 after hitting 13,000 in the quarter ended Sept. 30. That represents an order book of more than $1.3 billion, the company said. While Lucid said it is “confident” of hitting its production goal for next year, the automaker acknowledged risks from ongoing disruptions to global supply chains, which it is taking steps to mitigate.
Lucid shares rose 4 percent in late trading in New York. As of Monday’s close, the stock was up 85 percent since listing on July 26 via a reverse merger with a blank-check company, a deal which raised more than $4 billion. It is one of several electric-vehicle upstarts to choose this path to public markets.