Lucid Stock Rises After EV Maker Reports 70% Delivery Growth
- September 27, 2024
- Category: Blockchain
Key Takeaways
- Lucid Group delivered 2,394 vehicles in the second quarter, a roughly 70% increase year-over-year.
- Lucid stock was recently on pace to close Monday at its highest level since mid-May, after hitting its all-time low in April.
- The results come on the heels of similarly positive delivery numbers from Tesla.
Shares of Lucid Group ( LCID ) rose Monday after the electric vehicle maker announced robust second-quarter delivery numbers.
The Newark, Calif.-based company delivered 2,394 vehicles in the quarter, a roughly 70% increase year-over-year, it said Monday. Lucid produced 2,110 vehicles in the same span.
Lucid’s shares were recently up about 4%. If that holds, the stock would close Monday at its highest level since mid-May.
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The company’s share price has taken a beating, losing roughly 60% over the past year and dropping to an all-time intraday low of $2.29 in April, as investors have expressed concern about the company’s financial performance
Lucid said it would release its latest quarterly results on August 5.
Lucid’s results follow positive delivery numbers from Tesla ( TSLA ) announced last week Elon Musk’s EV giant delivered 443,956 vehicles in the second quarter, ahead of analysts’ consensus of about 439,000. Tesla’s stock gained 27% last week