What happened
When it comes to Lucid Group (LCID 0.18%), as with so many other electric vehicle (EV) start-ups, it's clear what investors want to see: growth. With businesses beginning to see vehicles roll off the assembly lines, the rubber is hitting the road, and investors are eager to confirm that the companies are executing on their plans to ramp up their delivery of products to customers.
Lucid, evidently, is on track with its production forecast, leading investors to rejoice. As of the market's close on Wednesday, shares had climbed 3.5%.
So what
Lucid doesn't plan on reporting third quarter 2022 earnings until Nov. 8, but management provided investors with a peek at how the company performed last quarter with insight into its preliminary production numbers. It more than tripled what it did in the second quarter, reporting production of 2,282 vehicles. And it had 1,398 vehicle deliveries during the third quarter.
As a result, management reiterated 2022 vehicle production guidance of 6,000 to 7,000.
Now what
With more-speculative stocks like Lucid, investors are constantly monitoring the company's progress for signs that things remain on track -- especially after recent stumbles from peers such as the massive recall that Rivian announced last week. Consequently, investors are receiving Lucid's preliminary third quarter figures as a clear green flag.
But this update only skims the surface of how well the company fared last quarter; therefore, potential investors should stay tuned for the complete earnings announcement on Nov. 8.
