Lucid Group expects to produce 20,000 cars in 2022

A showroom of Lucid Group

Lucid Group Inc.'s shares rose in the extended session on Wall Street, on Nov. 15, after it announced strong results for the third quarter of this year.

The luxury electric-vehicle maker, in its Q3 2021 earnings report, said it received 13,000 reservations worth $1.3 billion in the three-month period. The order have increased to more than 17,000 since the end of Q3 2021.

The US-based firm aims to produce 20,000 cars in 2022.

“We remain confident in our ability to achieve 20,000 units in 2022. This target is not without risk given ongoing challenges facing the automotive industry, with global disruptions to supply chains and logistics,” Chief Executive Officer (CEO) Peter Rawlinson said in the statement.

“We are taking steps to mitigate these challenges,” he added.

The company’s sedan, Lucid Air, won the 2022 MotorTrend Car of the Year, the statement noted.

Lucid’s stock rose during post-closing trading by about 2.5% to $45.97, at 1.10 am Makkah time.