Lucid Stock Rises After EV Maker Reports 70% Delivery Growth

By Andrew Kessel
Published July 08, 2024
02:09 PM EDT
The Lucid display at the Los Angeles Auto Show in November.

Photo by Josh Lefkowitz / Getty Images

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.

Lucid stock price chart YTD

TradingView

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

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  1. Lucid Group. “Lucid Announces Q2 Production & Deliveries, Sets Date for Second Quarter 2024 Results.”

  2. Lucid Group. “Lucid Announces Second Quarter 2023 Financial Results, On Track for Annual Production Guidance of More Than 10,000 Vehicles.”

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