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Stock of Ev Maker Lucid Leaps After Q2 Deliveries Increase of 70%

July 8, 2024
minute read

Shares of Lucid Group Inc. saw a significant increase on Monday following the electric-vehicle manufacturer's announcement of a substantial rise in deliveries for the second quarter.

The California-based company revealed a decrease in production, which might ease concerns about an overall slowdown in demand for electric vehicles leading to surplus inventory. Lucid's stock (LCID) surged 5% in morning trading, setting it on a path to reach a two-month high. This marks a notable recovery, with the stock up 29.4% since hitting a record low of $2.38 on April 22.

Lucid reported delivering 2,394 electric vehicles in the quarter ending June 30, a remarkable 70.5% increase compared to the same period last year. However, the company produced 2,110 vehicles in the latest quarter, a slight decline of 2.9% from the previous year.

Lucid's delivery report comes shortly after Tesla Inc. (TSLA) disclosed its second-quarter deliveries, which fell by 4.7% but still exceeded expectations. Tesla’s production also dropped by 14.3%, contributing to a significant rise in its stock price. Similarly, Rivian Automotive Inc. (RIVN) reported a 9.1% increase in quarterly deliveries despite a 31.3% drop in production.

Lucid announced that it would release its full second-quarter results on August 5, after the stock market closes. This forthcoming report will provide further insights into the company's financial health and operational performance.

Despite the recent rally, Lucid's stock has declined by 27% year to date. In comparison, the Global X Autonomous & Electric Vehicles ETF (DRIV) has slipped by 1.3%, while the S&P 500 index (SPX) has gained 16.9%. This disparity highlights the volatile nature of the electric vehicle sector and the varying performance of individual companies within it.

The recent surge in Lucid Group Inc.'s shares reflects investor optimism following the company's robust delivery figures for the second quarter. While the decline in production might raise some questions, it also suggests a strategic response to potential market demand fluctuations. As Lucid prepares to release its full second-quarter results, investors will be closely monitoring for any further signs of growth and stability in the company's performance.

Cathy Hills
Associate Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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