The stock of Lucid jumped 6% on Tuesday, a day after the firm said that reservations for its Aircar have surpassed 17,000, a 31% increase from the previous quarter's 13,000 bookings.
According to a business release, the order book has surpassed $1.3 billion with 13,000 bookings.
The company says it is increasing manufacturing at its Arizona plant and expects to reach 20,000 units by 2022. It plans to have a total yearly capacity of up to 90,000 automobiles by the end of 2023.
In July, Lucid went public through a SPAC deal.
The business expects to launch its luxury electric vehicles in Canada this quarter, followed by Europe and the Middle East next year, and China in 2023.
The EPA confirmed in September that the company's Air Dream Edition Range of cars had a longer range than any other EV on the market, including the more widely held (and driven) Tesla.
The EPA gave Lucid's 19-inch wheel a range of 520 miles on a single charge, making it the body's longest-range EV ever. Until then, the Model S Long Range Plus from Tesla held the record.