Lucid Group details strong Q3 and has $4.8 billion in cash

Lucid line
Image via Lucid

Lucid released their Q3 financial results, and the company looks to be in a solid financial position after its SPAC merger and private investment in public equity (PIPE).

The company noted that the closing of the de-SPAC reverse merger and the PIPE generated $4.4 billion.

In addition, the company is looking to expand production lines and has already started the expansion of its Arizona factory. They hope to reach a production capacity of 90,000 units by the end of 2023.

This production capability will supplement the development and production of Lucid’s SUV project, known as ‘Project Gravity’.

The company also saw an increase in reservations for its Lucid Air line. Customer reservations rose to 13,000 at the end of Q3, and they also added 4,000 reservations to its backlog.

The company hopes to deliver 20,000 units in 2022.

Q3 was a big quarter for the start-up. Not only did they deliver their first vehicles, but they also expanded their facility.

In addition, they obtained the longest EPA-certified EV range rating at 520 miles on the Air Dream Edition R. Least to say, Lucid is making moves, and a strong Q4 will only increase the hype, and hopefully, the number of Air’s delivered for the company.

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Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca