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Why Lucid Group Stock Is Surging Higher Today!– OnMyWay Mobile App User News

Lucid confirmed that it’s still on track to build 20,000 vehicles next year.

Motley Fool Issues Rare “All In” Buy Alert

What happened

Shares of electric vehicle maker Lucid Group(NASDAQ:LCID) were moving sharply higher on Tuesday, after the company reported third-quarter earnings and confirmed its production plans for next year.

As of 12:45 p.m. EST, Lucid’s shares were up about 17.7% from Monday’s closing price.

So what

Lucid reported on Monday afternoon that it lost $524.4 million in the third quarter, or $0.43 per share, on revenue of $232,000 as it prepared to start production of its innovative Air luxury sedan.

Those numbers fell short of Wall Street’s expectations, as analysts polled by Thomson Reuters had expected a loss of $0.25 per share on revenue of $1.25 million. But electric vehicle investors didn’t seem concerned about the “miss,” in light of what was arguably much more important news: Lucid confirmed its plans to build about 20,000 vehicles next year.

That number came with a caveat, as CEO Peter Rawlinson said that ongoing global supply chain disruptions could throw a wrench into Lucid’s production plans. But, he said, the company has taken steps to mitigate potential supply risks, and as of now it expects to hit its production target and launch three more versions of the Air sedan by the end of next year as planned.

Now what

Lucid didn’t offer financial guidance for the current quarter, an understandable decision given that deliveries of the Air sedan just began last month. But in addition to confirming its production target for next year, it said that it has begun an expansion of its Arizona assembly plant that will increase its capacity from about 34,000 vehicles per year now to about 90,000 vehicles per year by the end of 2023.

 

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OVERVIEW

OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!

OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.

The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.

OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.

The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….

The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.

The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.

Download App Now – https://r.onmyway.com

Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com.