MW EV maker Lucid's stock leaps after deliveries jump 70% in Q2
By Tomi Kilgore
Production declined, reducing worries about supply issues
Shares of Lucid Group Inc. rallied Monday, after the electric-vehicle maker reported a big jump in deliveries during the second quarter.
The California-based company also reported a decline in production, which may help alleviate any lingering concerns that a recent slowdown in overall demand for EVs may lead to excess supply.
The stock (LCID) climbed 5% in morning trading, putting it on track to close at a two-month high. It has now run up 29.4% since closing at a record low of $2.38 on April 22.
Lucid said it delivered 2,394 EVs during the quarter ending June 30, which was 70.5% more than what was delivered a year ago.
The company produced 2,110 EVs in the latest quarter, down 2.9% from last year.
Lucid's report comes about a week after EV giant Tesla Inc. $(TSLA)$ reported second-quarter deliveries that fell 4.7% but were well above expectations. Tesla's production dropped 14.3%, to help send the stock soaring.
Also last week, fellow EV maker Rivian Automotive Inc. $(RIVN)$ reported quarterly deliveries that rose 9.1% while production tumbled 31.3%.
Separately, Lucid said Monday that it will report full second-quarter results on Aug. 5 after the stock market closes.
Lucid's stock has slumped 27% year to date, while the Global X Autonomous & Electric Vehicles ETF DRIV has slipped 1.3% and the S&P 500 index SPX has advanced 16.9%.
-Tomi Kilgore
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July 08, 2024 09:51 ET (13:51 GMT)
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