Lucid Motors jumps as the luxury EV maker reports rising demand, backs 2022 production target

• Lucid Motors stock jumped after reporting its first quarterly results since going public in July.

• The luxury EV maker tallied 13,000 customer reservations in the third quarter, and they have since swelled to 17,000.

Lucid Motors stock surged Tuesday after the luxury EV maker reported growing demand and backed its production target for 2022.

In its first quarterly results since going public in July, the company tallied 13,000 customer reservations in the third quarter, representing approximately $1.3 billion in business. And since the quarter ended, reservations have grown to 17,000.

Management also confirmed late Monday its earlier goal of producing 20,000 EVs next year.

"We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona," said CEO Peter Rawlinson in a statement.

Third-quarter net losses widened t0 $524.4 million from $161.2 million from a year ago, as revenue fell to a nominal amount of $232,000 from $334,000. Lucid's first EV deliveries began late last month, after the third quarter ended.

Lucid Motors stock jumped 10% to $49.45 in Tuesday trading. Its market cap is now roughly $73 billion, inching closer to Ford's $79.4 billion. After going public in July via a SPAC deal, shares have brought generous returns for investors, soaring by more than 80% since then.

Also on Monday, the Lucid Air model — the company's very first vehicle — won the 2022 MotorTrend Car of the Year award. The car reportedly has an EV range rating of 520 miles, beating out all of rival Tesla's vehicles.