On November 8th, due to cost-cutting measures yielding results, $Lucid Group (LCID.US)$ the third-quarter performance announced slightly exceeded Wall Street's expectations. In addition, the company plans to start production of a new SUV for consumers by the end of this year.

Data shows that the company's third-quarter revenue was $0.2 billion, above the market expectation of $0.198 billion, with net losses widening to $0.9925 billion from $0.6309 billion in the same period last year. Adjusted loss per share was 28 cents, slightly better than the market expectation of 30 cents.

Lucid CEO Peter Rawlinson described this quarter as a "milestone" for the company, citing record deliveries of 2781 vehicles and cost-cutting measures. He also highlighted the company's achievements in financial and production targets.

Compared to the same period last year, the auto manufacturer's R&D costs for the third quarter were $0.3244 billion, with sales, general, and administrative costs at $0.2336 billion, representing increases of 40.1% and 23.1% respectively. In other areas, such as cost of goods sold and restructuring costs, there were significant reductions compared to the same period last year.

The company reiterated its plan to produce approximately 9,000 cars this year, a 6.8% increase from the 8,428 cars in 2023.

Lucid reported that as of the end of this quarter, its total liquidity was $5.16 billion. This does not yet include the unexpected $1.75 billion stock issuance and financing that surprised many investors last month.

Due to expanding losses, sales falling below expectations, and severe cash consumption, Lucid's stock price has been under pressure this year. Following a recent financing, the company's stock price has dropped by about 45% this year, with an 18% drop, marking the largest single-day decline since December 2021.

After the financial report was released, Lucid's stock price rose over 8% in after-hours trading on Thursday.

Rawlinson previously stated in an interview that the public issuance of nearly 0.2625 billion common shares was a timely strategic business decision to ensure this electric car company has sufficient funds for its ongoing operations and growth plans.

The company reiterated on Thursday that its existing funds can now ensure its financial sustainability until 2026, and then later in that year launch a new midsize platform.

Lucid is currently in a phase of intense capital investment, expanding its sole U.S. factory in Arizona; constructing a second factory in Saudi Arabia; preparing to launch a second product, an SUV named Gravity; developing the next generation powertrain; and establishing its retail and service network.

During the second quarter earnings call, the company stated that this year's capital expenditure is expected to be $1.3 billion, lower than the previous expectation of $1.5 billion, due to cost reductions. In the latest earnings call, the company further lowered the full-year capital expenditure forecast to $1 billion.

Lucid's interim chief financial officer and chief accounting officer Gagan Dhingra stated that the company is aggressively cutting costs: 'We're not leaving any stone unturned. It's across the board.'

Prior to announcing third-quarter performance, Lucid had already received orders for the upcoming Gravity SUV, with production for consumers expected to start at the end of this year.