Lucid Group (NASDAQ:LCID) saw its stock rise over 7% in pre-market today after reporting third-quarter results that exceeded expectations. The electric vehicle maker posted $200 million in revenue, surpassing the analyst forecast of $196.47 million, and delivered 2,781 vehicles, marking a 90.9% increase from the same quarter last year. The company’s adjusted loss per share was $0.28, beating estimates of a $0.31 loss.

In the third quarter, Lucid produced 1,805 vehicles and reaffirmed its full-year production target of approximately 9,000 vehicles. Ending Q3 with $5.16 billion in liquidity, Lucid recently strengthened its financial position through a $1.75 billion capital raise in October, extending its runway into 2026. The company also pointed to improving gross margins, aided by ongoing cost reduction measures.