The shares of Lucid GroupAfter-hours trading saw a more than 5% jump in the shares after an announcement by electric vehicle startup, which announced a significant increase in reservations for its vehicles and set a production goal for next year.

Monday’s announcement by the company indicated that there are more than 17,000 Air car reservations, up from 13,000 during the third quarter. According to the company’s September reservations, there was an order book totaling $1.3 billion.

Lucid confirmed that it will produce 20,000 vehicles next year. However, there are still hurdles to overcome.

Lucid CEO Peter Rawlinson said that they remain optimistic about our ability to reach 20,000 units by 2022. This target comes with risks due to ongoing problems in the auto industry and disruptions worldwide in supply chains. These challenges are being addressed and we look forward to the Grand Touring and Touring versions, as well as the Pure and Pure Lucid Air models through 2022.

Lucid didn’t immediately release financial information for the third quarter other than to say it increased its balance sheet by $4.8 billion in cash to close the quarter.

Up 2.2%, shares closed at $44.88 per ounce. Stock prices are still below their 52-week peak of almost $65 per share. In February, Lucid reported that she was close to a deal with Churchill Capital IV Corp.

Lucid shares have risen more than 80% in the past year since it was made public by a reverse merger of Churchill and Lucid. Last month’s confirmation of customer deliveries saw the biggest daily gain at 31% of the Lucid Air Dream Edition They were just beginning.

MotorTrend awarded Monday the car of year title to the all-electric Air sedan, which is a highly coveted honor in the automotive sector. The publication said it was the first time the original product from an automotive company received this award.

Lucid stated that it will deliver approximately 520 custom-configured Lucid products. Lucid Air Dream EditionsProduction of low-priced models will follow. Lucid stated to investors in July that the company expects to manufacture 20,000 Lucid Air sedans, which will result in more than $2.2billion in revenues, according to an investor presentation.

According to the EPA, the Dream Edition, a special $169,000 edition of their flagship sedan, has a range up to 520 miles. LucidAir, the entry-level model of the car’s LucidAir sedan, is priced at $77,000. This price includes up to $7500 in federal tax credits for plug-in cars.

Lucid was one of a few EV startup companies that went public last year through agreements with SPAC firms. Lucid, unlike its SPAC peers is producing revenue and vehicles. Lucid has so far evaded any federal investigations into misleading statements made to investors, unlike other SPAC peers like Nikola, Lordstown MotorsAnd Canoo.