As its balance sheet grows, Lucid hopes to build 20,000 electric vehicles next year

By Jarryd Neves, automotive correspondent

Electric car maker Lucid said bookings for its first car, the Air, topped 17,000. This follows the 13,000 figure the company hit in the quarter ending September 30. The Californian manufacturer says this represents an order book of more than $ 1.3 billion.

It depends Automotive news Europe, which reports that the company has built its balance sheet up to $ 4.8 billion, using the income statement to support its forecast to build up to 20,000 vehicles in 2022.

Lucid is confident of achieving this goal, but recognized the myriad of disruptions in the auto industry that could threaten him. The shortage of semiconductor chips across the world, following the Covid-19 pandemic, has seen various manufacturers take drastic measures. While some have slowed down production, others have had to close factories for the foreseeable future. As an example, BMW has started building vehicles without touchscreen functionality to get around the chip crisis.

The electric vehicle maker, however, has revealed that it is taking steps to work around the problem and reduce the risk.

Lucid shares are up 4%, as the stock has risen 85% since its listing in July. Barrons reports that Lucid only generated $ 232,000 in revenue, despite the company having a sizable market capitalization of around $ 90 billion. It’s more than established brands like Ford and General Motors.

The 14-year-old brand is touted as a competitor to market leader Tesla, with cutting-edge battery technology that can rival the best Tesla has to offer. Interestingly, Lucid CEO Peter Rawlinson was the engineer responsible for the Tesla Model S sedan, currently one of thethe most sought after luxury electric vehicles.

Automotive news Europe also reports that LucidThe first quarterly results announcement comes a few days after Rivians initial public offering (IPO). Unlike premium offerings from Tesla and Lucid, it focuses on electric off-road vehicles. The Wall Street Journal Rivian reporteds The IPO was the largest since 2014 and the sixth in US history. Although it only delivered multiple vehicles, it also saw its value skyrocket, outperforming the aforementioned GM and Ford.

A concern that plagues many future owners of electric vehicles is the subject of range. LucidThe top-of-the-line model, the Dream Edition Air (priced at $ 169,000) is capable of traveling up to 837 km on a single charge, beating many gasoline and diesel competitors. The company, which only started production of vehicles in September this year and plans to deliver fewer than 600 units of the limited-edition model, according to Automotive news Europe. Plans are underway to introduce a cheaper Air luxury sedan, at $ 139,900.

Read more:

(Visited 350 times, 350 visits today)

Source link

Previous AIM ImmunoTech Inc Closes Third Quarter With $ 53.7 Million Balance Sheet
Next Does Nexstar Media Group (NASDAQ: NXST) have a healthy balance sheet?