Lucid Group Inc's (NASDAQ:LCID) stock rose 5% in after-hours trading after the electric vehicle maker slightly exceeded third-quarter forecasts, despite widening losses.
Revenue reached $200 million, surpassing the expected $198 million, while adjusted losses per share were $0.28, better than the $0.30 projected by analysts.
The company’s net loss expanded to $992.5 million, up from $630.9 million a year ago, reflecting increased investments.
Lucid CEO Peter Rawlinson highlighted the quarter as significant, with record deliveries of 2,781 units and ongoing cost-cutting initiatives.
The automaker maintained its annual production target of around 9,000 vehicles and reported a liquidity position of $5.16 billion, excluding recent capital raised through a $1.75 billion stock offering.
Lucid reaffirmed that its funds will support operations through 2026, enabling growth initiatives like the launch of its Gravity SUV and expansion projects in Arizona and Saudi Arabia.
After hours, the stock motored 4.86% higher to $2.32.