Lucid Stock Rises After EV Maker Reports 70% Delivery Growth
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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
