Electric vehicle startup Lucid has reported its first quarterly financial results. The company ended the third quarter of 2021 with a fixed net loss of $ 524.4 million, but with a pool of orders for $ 1.3 billion.
This was reported by RBC-Ukraine Auto with reference to the company’s press service.
Lucid also reported losses of $ 1.5 billion in the first nine months of the year. At the same time, the company announced that it received orders for 17,000 Lucid Air sedans this year. The automaker is convinced it will be able to produce about 20,000 electric vehicles in 2022. The current order book is $ 1.3 billion.
Lucid Chief Financial Officer Sherri House announced that the company has signed a major deal to produce batteries for Formula E cars. Revenues from sales of electric vehicles will be reflected in the company’s financial statements from the fourth quarter of this year.
Lucid shares have risen in price by almost 120 percent over the past month. The company’s valuation exceeded $ 89.9 billion, overtaking Ford’s market cap and approaching General Motors’ market cap.