Lucid (LCID) Stock Gains as Q3 Shows No Major Surprises for 'Car of the Year' Recipient
Lucid Group, Inc. (NASDAQ: LCID) shares were trading around 2.3% higher after-hours following the company’s reported Q3 results, with EPS coming in at ($0.43), compared to ($6.64) in Q3/20. Quarterly revenue was $232,000, compared to $334,000 in Q3/20. Customer reservations grew to 13,000 during the quarter, reflecting an order book of around $1.3 billion. In Q3 the company significantly strengthened its balance sheet via the closing of the de-SPAC reverse merger + PIPE, closing the quarter with approximately $4.8 billion in cash.
Earlier today, the company's first car, the Lucid Air, received MotorTrend's Car of the Year. It's the first time any automaker has won the award with its first car.