Why Lucid Group Stock Is Surging Higher ?
Lucid confirmed that it’s still on track to build 20,000 vehicles next year.
Shares of electric vehicle maker Lucid Group (NASDAQ:LCID) were moving sharply higher on Tuesday, after the company reported third-quarter earnings and confirmed its production plans for next year.
As of 12:45 p.m. EST, Lucid’s shares were up about 17.7% from Monday’s closing price.
Lucid reported on Monday afternoon that it lost $524.4 million in the third quarter, or $0.43 per share, on revenue of $232,000 as it prepared to start production of its innovative Air luxury sedan.
Those numbers fell short of Wall Street’s expectations, as analysts polled by Thomson Reuters had expected a loss of $0.25 per share on revenue of $1.25 million. But electric vehicle investors didn’t seem concerned about the “miss,” in light of what was arguably much more important news: Lucid confirmed its plans to build about 20,000 vehicles next year.
Lucid stock rises after Lucid Air wins MotorTrend car of the year
Morgan Stanley is skeptical of red-hot Lucid, says EV stock could fall 70%
Lucid’s market cap surpassed Ford’s on Tuesday, but Morgan Stanley analyst Adam Jonas says the stock’s move is too aggressive.
Dow Jones Futures Fall With Lucid, Tesla Set To Rally; Rivian Skids; Nvidia Earnings Due
Dow Jones futures fell 25 points early Wednesday, as Lucid Motors and Tesla stock prepared to rally, while Rivian dived over 8% ahead of the open. And Nvidia earnings are due after the stock market close.
Among the Dow Jones leaders, Apple (AAPL) and Microsoft (MSFT) each gained 0.1% in today’s stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continue to trade near new buy points in the current rally.
Among the electric-vehicle leaders, Tesla (TSLA) more than 1% premarket Wednesday, while Rivian (RIVN) moved down about 8%. Lucid Motors (LCID) surged another 10% early Wednesday before slashing gains. And Xpeng Motors (XPEV) moved further above a recent buy point.
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2022 Lucid Air First Drive
Lucid Motors passes Ford’s market cap four years after it nearly got bought
Four years after Ford was reportedly considering buying Lucid Motors, the EV startup is now worth more than the Detroit automaker. Lucid Motors’ market capitalization passed Ford’s on Tuesday, one day after the startup reported its first quarterly financial results as a publicly traded company and just a few weeks after it started shipping its luxury electric sedan, the Air.
Lucid Motors has a comparatively long history for an EV startup as it was founded in 2007 as a battery company called Atieva. But after a 2016 pivot to making an electric sedan, Lucid Motors found itself running out of money at a time when others were starting to take off. One of the options it turned to was a potential Ford acquisition. From a July 2017 report in Recode:
Lucid began its fourth round of institutional fundraising earlier this year, with the help of investment bank Morgan Stanley. Ford’s acquisition offer came as a surprise, said a source close to Lucid: “The bank approached Ford to see if they wanted to participate in the Series D. They came back and said they wanted to acquire.”
That never happened, though, and Lucid Motors ultimately treaded water until striking a massive deal with Saudi Arabia, which now owns a majority of the startup. Ford, for its part, was able to work out a pretty sizable investment of its own into Rivian — a deal it swiped out from under rival General Motors.
2022 MotorTrend Car of the Year: Lucid Air
With futuristic looks, a futuristic powertrain and futuristic performance and economy, is the Lucid Air the car of the future? At the very least, it’s our 2022 MotorTrend Car of the Year, having impressed the judges and pushed the frontiers of electric performance and luxury vehicles far forward, with aces in all six criteria. Hear from the MotorTrend editorial team how Lucid pulled off such a feat in its first go.
Should you invest $1,000 in Lucid Group, Inc. right now?
Before you consider Lucid Group, Inc., you’ll want to hear this.
Our award-winning analyst team just revealed what they believe are the 10 best stocks for investors to buy right now… and Lucid Group, Inc. wasn’t one of them.
Lucid Air named MotorTrend Car of the Year
The Lucid Air, the first model from California-based electric car start-up company Lucid Motors, has been named MotorTrend’s 2022 Car of the Year.
It’s the first time any automaker has won the award with its first car. MotorTrend’s panel of judges lauded the Lucid Air for its extraordinary range and efficiency — some versions can go up to 520 miles on a single charge — as well as its performance and luxurious interior.
In its announcement, MotorTrend called the Air “the new [electric vehicle] benchmark.” The Air’s electric motors were developed by Lucid itself. With no space taken up by a gasoline engine, the Air has a large cabin area with ample storage space in the trunk as well as under the hood.
While the judges generally liked the Air’s interior design, they did criticize what they saw as an over-reliance on touch screens for many basic controls. The judges praised the car’s Lucid-designed stereo-system.
Lucid Motors CEO says the EV start-up hopes to build plants in the Middle East and China.
Lucid Motors CEO Peter Rawlinson, who also serves as the EV start-ups chief technology officer, appeared on Tuesday’s episode of “Mad Money.”
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