LCID Stock: Lucid Group, Inc. (LCID) saw its stock rise by 2.93%, reaching $2.2850 at 9:53 AM EST today. This surge comes as the electric vehicle maker reports a stronger-than-expected third quarter performance. Lucid’s revenue for Q3 was $200 million, surpassing analyst expectations of $196.3 million, and significantly outperforming the $137.8 million posted in the same quarter last year.

The company reported a narrower-than-expected loss per share of $0.28, improving from a projected loss of $0.31, and the adjusted EBITDA loss of $613.1 million was better than the anticipated $634.4 million. Lucid also delivered 2,781 vehicles in Q3, with 1,805 produced. Despite the challenges, the company is on track to meet its annual production target of 9,000 vehicles.

Lucid’s focus now turns to its highly anticipated Gravity SUV, set to begin production later in 2024. CEO Peter Rawlinson highlighted the SUV as a key driver for future growth, with plans to build 90,000 units annually at its Arizona plant.

The Gravity is expected to be a game-changer, with a starting price around $80,000 in the U.S., qualifying for the federal EV tax credit.

With a market cap of $6.896 billion, Lucid is leveraging its momentum, buoyed by its recent $1.75 billion capital raise and strong backing from its largest investor, Saudi Arabia’s Public Investment Fund (PIF), which maintains a 58.8% stake.

As the company prepares to expand its product offerings and production capacity, Lucid’s stock remains a key focus for investors in the electric vehicle sector

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult a qualified financial advisor or conduct your own research before making investment decisions.