Lucid Group (NASDAQ:LCID), the retailer of Lucid Air electrical sedan, has now revealed its first quarterly earnings as a public firm. Keep in mind that Lucid was nonetheless a pre-revenue firm in Q3 2022, with deliveries of the Air sedan solely commencing in late October.
Lucid Group’s Earnings for the Third Quarter of 2022
Lucid Group has reported that reservations for the Air EV have now elevated to past 17,000. Keep in mind that the corporate had reported over 13,000 reservations simply final month. Readers ought to be aware that Lucid Group expects to ship somewhat over 500 autos earlier than the tip of 2022. Furthermore, the corporate at present has a money stability of $4.8 billion. Different enterprise highlights embrace:
The market has reacted positively to Lucid Group’s first earnings launch as a public firm, with the inventory posting positive factors of round 7 % in after-hours buying and selling.
Q3 2022 Earnings Context
As per the most recent tally, Lucid Group has round 13,000 confirmed reservations for the Air EV. The corporate plans to fabricate 520 models in 2022, ramping up its manufacturing cadence to 20K models in 2022 and 49K models in 2023. Crucially, 2023 would additionally see the launch of the Lucid Gravity SUV. Furthermore, abroad shipments are prone to start subsequent yr.
Furthermore, MotorTrend has now declared Lucid Group’s Air EV as its car of the year for 2022. The publication famous:
“Have been we wowed by the whopping numbers Lucid has been touting lately—as much as 1,111 horsepower and 1,390 lb-ft of torque within the Air Dream P version and as much as 520 miles of EPA-official vary within the Dream R version? No. Anybody can purchase massive numbers by putting in big motors and batteries. Moderately, it is the delicate means Lucid achieves them in a package deal that ranks extremely in every of our six key standards that captured our consideration and our calipers.”
In one other constructive growth, information got here out at this time that the Saudi PIF nonetheless retained its funding of $1 billion in Lucid Group. This is a sign of continued confidence within the firm’s potential to ship on its hyped guarantees.
$LCID Saudi Public Funding Fund discloses 1B share stake in Lucid and smaller stakes in Alibaba, FedEx, Pinduoduo, Pinterest, Visa and Walmart$WMT $BABA $V $PINS $PDD
— TradeTheNews.com (@Trade_The_News) November 15, 2022
Lastly, Financial institution of America (BofA) at present retains the very best worth goal for Lucid Group shares, pegging its benchmark at $60 per share together with a ‘Purchase’ ranking. BofA analyst John Murphy famous in an funding be aware final week:
“Our $60 PO for LCID is now based mostly on ~8.5x EV/Gross sales (prior ~3x) and ~104x EV/EBITDA (prior ~37x) on our 2025 estimates (now utilizing a ahead Steadiness Sheet), implying ~1x EV/Gross sales and ~6.5x EV/EBITDA on Professional-forma capital-induced 2030 estimates.”
Again in September, BofA had dubbed Lucid Group a “Tesla/Ferrari of new EV automakers” and “one of the professional start-up EV automakers.” Presently, Financial institution of America is joined by Citi and CFRA Analysis in sustaining an general ‘Purchase’ ranking on Lucid Group shares.
Lucid Group’s Earnings Name for Q3 2022
Keep tuned for updates on the corporate’s earnings name!