A key pillar in the electric vehicle revolution, Lucid Group are in the news once again – this time posting mixed Q3 earnings. Investors picked out what they wanted to hear in this case, sparking a rally of just over 8% following Tuesday’s opening bell.
The company posted a net loss of $524.5M for Q3 2021, but that didn’t phase investors as much as it could have, as buyers latched on to the announcement of increased vehicle reservations – suggesting the company’s orders are stacking up alongside investor faith.
Lucid has caused quite a stir since the company’s public listing in July, rivaling the main electric powerhouses in their rise to prominence. Growing in popularity, the firm increased its reservation volume Q3, surpassing 13,000 for an estimated order book of greater than $1.3B. Lucid CEO Peter Rawlinson said in a statement he remains confident about achieving 20,000 units in the coming year.
However, he also added:
“This target is not without risk…given ongoing challenges facing the automotive industry, with global disruptions to supply chains and logistics”
Lucid remain confident that these issues shouldn’t pose a significant problem in the near future – and are still remain a popular choice amongst EV investors. LCID stock is extending its gains at the time of writing, now trading around the $49.00 level with a daily gain of 9.44%
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.