Lucid Motors is “confident” that it will be able to build 20,000 vehicles throughout 2020.
The electric vehicle startup reported its first quarterly financial results as a public company earlier in the week, noting a net loss of $524.4 million in Q3. It also reported a loss of $1.5 billion through the first nine months of the year but positively, revealed that it has now secured more than 17,000 reservations for the Air, a jump from 13,000 through the third quarter. These reservations represent an order book of $1.3 billion.
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“We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona,” Lucid chief executive Peter Rawlinson said in a statement. “We remain confident in our ability to achieve 20,000 units in 2022. This target is not without risk given ongoing challenges facing the automotive industry, with global disruptions to supply chains and logistics. We are taking steps to mitigate these challenges, however, and look forward to the launch of the Grand Touring, Touring, and Pure versions of Lucid Air through 2022.”
Lucid chief financial officer Sherry House added that the company reported revenue in the third quarter of $232,000 thanks to a battery deal with Formula E. The automaker will begin recording revenue from vehicle sales beginning in the fourth quarter.
Lucid shares have soared by almost 120 per cent in the last month, valuing the company at $89.9 billion, blowing past the market cap of Ford and approaching that of General Motors which has a cap of $90.9 billion.
