Stock Track | Lucid Group Soars 5.22% as Production Ramps Up for Gravity SUV

Stock Track12-09

Lucid Group Inc (LCID) stock surged 5.22% in Monday's pre-market trading session, reflecting investor optimism surrounding the electric vehicle maker's expanded production capabilities.

The rally comes on the heels of Lucid starting production of its highly-anticipated Gravity SUV model at its Arizona facility. The Gravity is expected to significantly broaden Lucid's addressable market, with the company's CEO Peter Rawlinson stating that the SUV's target market is five times larger than that of the luxury Air sedan.

Furthermore, Lucid reported strong delivery numbers for November, with 712 vehicles delivered in the U.S. – a 45% year-over-year increase and a 6.3% improvement from October. The company maintains its annual production guidance of 9,000 units for 2024.

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