Home News A Fintech Startup in Abu Dhabi Raises $20 Million in Series B Funding

A Fintech Startup in Abu Dhabi Raises $20 Million in Series B Funding

A Fintech Startup in Abu Dhabi Raises $20 Million in Series B Funding

Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced financial results for its third quarter ended September 30, 2022. Lucid reported Q3 revenue of $195.5 million on deliveries of 1,398 vehicles. The Company reported strong customer demand for Lucid Air with reservations of over 34,000, as of November 7, 2022, representing potential sales of over $3.2 billion. This reservation number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia. Lucid ended the quarter with approximately $3.85 billion in cash, cash equivalents, and investments, which is expected to fund the Company at least into the fourth quarter of 2023.

“I’m delighted to say that we’ve made significant progress toward achieving our 2022 production target of 6,000-7,000 vehicles. We had record quarterly production of 2,282 vehicles, more than triple Q2, and deliveries of 1,398, which was more than double Q2,” said Peter Rawlinson, Lucid’s CEO and CTO. “I’m also pleased to announce that we’ve now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp-up.”

“We continue to have strong demand with over 34,000 reservations as of November 7, 2022,” said Sherry House, Lucid’s CFO. “We plan to open reservations for Project Gravity SUV in early 2023, which we believe will unlock a very large and incremental addressable market for us. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp.”

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