Luxury electric vehicle maker Lucid Motors (LCID) - Get Lucid Group, Inc. Report released data showing strong projections but a net loss during its first quarterly earnings call. On Monday, the company said it has more than 17,000 reservations for its 'Air' sedan while reporting a net loss of $524.4 million in the third quarter.
Lucid, which went public via a SPAC deal in July market cap of approximately $79 billion and is approaching Ford Motors at $80 billion, but still far below Tesla at over $1 billion.
The company told investors that it is on track to deliver 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue. The $169,000 'Dream Edition' is a special edition of its flagship sedan, with an industry-leading range of up to 520 miles. An entry-level version of the car, the Lucid Air sedan, starts at $77,400 before an up to $7,500 federal tax credit for plug-in vehicles.
The Lucid 'Air' was recently named MotorTrend's Car of the Year and Lucid CEO Peter Rawlinson is enthusiastic about the recent rise in the company's stock price, “I think the sky’s the limit in terms of valuation, but it’s all about execution,” he told CNBC “It’s all about execution, it’s all about scaling volume. And that’s my focus. And I think the share price lookup as a result.”
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