Lucid Motors Reveals Air Reservations Exceed 17,000

Lucid Motors has revealed its Q3 2021 results after having listed on the NASDAQ in July. It had started the production of the car in September and started deliveries only on October 30. Interestingly, Lucid Motors has revealed that it has now more than 17,000 reservations up from the 13,000 figure that was there just last month. They are fast approaching the production target of 20,000 which is for next year. Currently, they have the sold-out Dream Edition and the more regular Grand Touring edition. There will also be a less expensive Pure edition. 

They have reported revenues of $1.7 billion and now it has around $4.8 billion in cash. "In the third quarter of 2021, Lucid significantly strengthened its balance sheet through the closing of the de-SPAC reverse merger + PIPE, bringing approximately $4.4B onto Lucid's balance sheet," the company revealed. Overall, though Lucid Motor revealed a 0.5 billion net loss which is a function of it getting into production. 

The AMP- 1 facility in Arizona has a capacity of over 34,000 units per year. It also has a smaller facility called LPM-1 which is for the manufacturing of the powertrain. The AMP-1 factory has already broken into its second phase of construction which will increase capacity to the first 56,000 units per year and then finally to 90,000 units per year by the end of 2023.

Lucid Air Electric Vehicle

"Kicked off expansion of production capacity and capabilities: Lucid kicked off the expansion of AMP-1's manufacturing capacity, expected to provide production capacity for up to 90,000 vehicles per year by the end of 2023, by expanding Lucid Air production capacity and adding production capacity for the "Project Gravity" SUV. The phase 2 expansion is expected to add 2.85M sq. ft. of production footprint and will further vertically integrate production processes," revealed the company. 

The company expanded into 13 locations in the US, while its Canadian launch is planned for Q4 2021 basically next month. It revealed plans for Europe and EMEA for 2022 and China is on the horizon for 2023. 

"We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona. 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," signed off Peter Rawlinson, CTO and CEO of Lucid Motors.