Wall Street's third-quarter expectations are surpassed slightly by Lucid amid increasing losses.

• Electric carmaker Lucid Group slightly beat Wall Street's third-quarter expectations.
• In the third quarter, the company's net loss increased to $992.5 million from $630.9 million in the previous year.
• Lucid executives will host an earnings conference call at 5:30 p.m. ET.

The carmaker slightly surpassed Wall Street's third-quarter expectations while reducing expenses in preparation for the launch of a new SUV by the end of the year.

In contrast to the average estimates compiled by LSEG, here's how the company performed in the quarter.

• Loss per share: 28 cents adjusted vs. a loss of 30 cents expected
• Revenue: $200 million vs. $198 million expected

In contrast to a loss of $630.9 million in the previous year, the company's net loss for the third quarter increased to $992.5 million.

During the third quarter, the automaker's research and development costs increased by 40.1% to $324.4 million, while selling, general and administrative expenses rose by 23.1% to $233.6 million, compared to the same period in the previous year.

The company confirmed its plan to manufacture approximately 9,000 vehicles in 2023, representing a 6.8% rise from the 8,428 units produced in 2022.

Lucid reported $3.41 billion in total liquidity at the end of the quarter, excluding a $1.75 billion stock offering and capital raise that occurred last month and caught many investors off guard.

Despite widening losses, slower-than-expected sales, and significant cash burn, Lucid's stock has been under pressure this year, with shares off by about 45%, including an 18% decline following a recent capital raise.

Rawlinson previously stated that the public offering of nearly 262.5 million shares of its common stock was a strategic decision to secure sufficient capital for the electric vehicle company's ongoing operations and growth plans.

The company announced on Thursday that it has secured its capital until 2026, allowing it to launch a new midsize platform later that year.

Currently, Lucid is undergoing a highly capital-intensive phase as it expands its U.S. factory in Arizona, constructs a second plant in Saudi Arabia, prepares to launch its second product, the Gravity SUV, develops its next-generation powertrain, and expands its retail and service network.

The company announced that its capital expenditures this year would be $1.3 billion, lower than the previously forecasted $1.5 billion, due to cost-cutting measures.

Lucid unveiled its third-quarter results and announced the start of orders for its upcoming Gravity SUV, which is expected to begin production by the end of the year.