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Lucid Posts Better-Than-Expected Loss as Cost Cuts Gain Traction

A Lucid Air electric vehicle (EV) at the company's showroom in Tysons, Virginia, US, on Saturday, Feb. 17, 2024. Lucid Group Inc. is scheduled to release earnings figures on February 21. Photographer: Samuel Corum/Bloomberg (Samuel Corum/Bloomberg)

(Bloomberg) -- Lucid Group Inc. posted a better-than-expected third-quarter loss as the electric-vehicle maker’s push to cuts costs gathered momentum.

The adjusted loss in the period was 28 cents a share, better than the 31-cent average deficit estimated by analysts. Revenue was $200 million, the company said Thursday in a statement, also slightly ahead of Wall Street estimates.

The results came after Lucid began accepting reservations for its new Gravity SUV earlier on Thursday. The new model, which joins the battery-electric Air sedan, remains on track to start production this year, the company said. 

Lucid also reaffirmed its previous target of producing about 9,000 vehicles this year.

Its shares jumped 8.9% as of 4:07 p.m. after regular trading in New York.

©2024 Bloomberg L.P.