Achievements & Milestones
Lucid went public in July via the SPAC method (Special Purpose Acquisition Company) and is headquartered in California, with its purpose-built factory located in Arizona. It started its first vehicle deliveries - of the Air Dream Edition - a couple of weeks back .
The Air has received positive reviews from the press and on Monday it was named Car of the Year 2022 by MotorTernd . Back in September, the R variant of this model, had received an official rating of 520 miles of range from the Environmental Protection Agency (EPA), higher than Tesla's figures and becoming the longest-range electric vehicle ever rated by the US agency .
Q3 Financial Results
On Monday November 15th, after US markets closed, Lucid Group, Inc released its financial results for the third quarter of the year .
Peter Rawlinson, the company's CEO & CTO said that "We remain confident in our ability to achieve 20,000 units in 2022", although he acknowledged that this target is not without risks. He also commented on upcoming models for the next year saying that "…look forward to the launch of the Grand Touring, Touring, and Pure versions of Lucid Air through 2022."
The firm provided an update to its Reservation figures, which stood at more than 17K as of November 15, up from the 13K of Q3. For the reported period, Lucid registered a Net Loss of $524.403 million and Revenue of $232,000.
Lucid has already had some important achievements and is considered by many as the best candidate to challenge Tesla's reign in the EV arena, but it has lot of ground to cover, in a market that begins to feel a bit saturated.
Tesla (TSLA.us) is way ahead than everyone else, having reported record deliveries of 241,300 cars in the third quarter  and constructs new production sites. China's Xpeng (XPEV.us) and Nio (NIO.us) also reached new highs in vehicle delivery in Q3 , , while Xpeng is due to unveil a new model in a few days .
More to it, traditional car manufacturers, such as Volkswagen Group (VOW.de) and Ford (F.us) have been making great strides in electrification.
The German automotive giant had announced record 122,100 deliveries of Battery-Electric Vehicles in Q3  and under its recent New Auto strategy, it wants half of its vehicles to be electric by 2030 .
Earlier this month, Ford America had set a record with the 14,062 electrified vehicles sold in October , while with its Ford+ plan it aims for 40% of Ford global vehicle volume to be all-electric by 2030 .
LCID.us runs its third straight profitable month, with more than 20% rise so far in November and could make an upbeat start to the day, following yesterday's news. If that materializes, it can push to fresh monthly high (current at 48.12) and look beyond 50.00 from there on. The first noteworthy support on the other hand, is located in the broader 40.00 area.
Past Performance: Past Performance is not an indicator of future results.
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
Retrieved 16 Nov 2021 https://www.lucidmotors.com/stories/note-from-ceo-lucid-air-first-deliveries
Retrieved 16 Nov 2021 https://ir.lucidmotors.com/financials/quarterly-results
Retrieved 16 Nov 2021 https://ir.tesla.com/press-release/tesla-q3-2021-vehicle-production-deliveries
Retrieved 05 Dec 2023 https://s23.q4cdn.com/799033206/files/doc_news/2021/05/Delivering-Ford-May-26-2021.pdf