Lucid Group (LCID) reported Q2 EPS of ($0.33), $0.06 better than the analyst estimate of ($0.39). Revenue for the quarter came in at $97.3 million versus the consensus estimate of $145.49 million.
The Company reported strong customer demand for Lucid Air with reservations over 37,000 as of today, representing potential sales of approximately $3.5 billion. Lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles. Lucid ended the quarter with $4.6 billion cash, cash equivalents, and investments, which is expected to fund the Company well into 2023. In addition, Lucid reported first half production of 1,405 vehicles.