Lucid Group Reports a Loss, Confirms 2022 Production Target
Electric vehicle maker Lucid Group (NASDAQ: LCID) reported on Nov. 15 that it lost $524.4 million in the third quarter, or $0.43 per share, as it ramped up the start of production of its first vehicle. Revenue was just $232,000; Lucid didn't begin deliveries of its vehicles until after the end of the quarter.
While that was a wider loss than Wall Street had expected, the stock rose sharply in after-hours trading after the news was released. Analysts polled by Thomson Reuters had expected Lucid to report a loss of $0.25 per share on revenue of $1.25 million.
Lucid began production of its innovative Air electric luxury sedan in September. Image source: Lucid Group.
Source Fool.com
