Lucid Group (NASDAQ: LCID) just released its third-quarter production figures and gave investors an update on its full-year outlook. And after several cuts to its guidance earlier this year, the luxury electric vehicle (EV) maker hit its targets.

In the third quarter, Lucid manufactured 2,282 vehicles and delivered 1,398 to customers. This is more than three times the number of vehicles the company produced in the second quarter. For the full year, Lucid is on track to produce between 6,000 and 7,000 vehicles, which is consistent with the latest guidance it gave investors in August. Although it is planning other models in the future, all of these sales are of the company's Air sedan, which received MotorTrend's Car of the Year honor.

On one hand, Lucid successfully ramped up production after a difficult second quarter. Another way to state the production numbers is that the company produced vehicles at an annualized pace of more than 9,000, which is a strong sign for the fourth quarter and beyond. And based on the current guidance range Lucid just affirmed, the company will need to ramp up production even further in the fourth quarter to a range of about 2,500 to 3,500 vehicles.

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Source Fool.com