Lucid Group (LCID) saw a modest increase in its stock price today, closing at $3.02, up 1.34% from the previous close of $2.98. The stock opened at $2.91 and reached an intraday high of $3.10, with a low of $2.90, indicating a steady upward trend throughout the trading day. The positive movement is largely attributed to the company's recent announcement of record vehicle deliveries, with 3,099 vehicles delivered in the last quarter, surpassing analysts' expectations by nearly 500 vehicles. This marks a 71% y/y increase in deliveries, pushing Lucid over 10,000 vehicle deliveries for the year and setting a new quarterly delivery record for the fourth consecutive quarter.
The launch of Lucid's first electric SUV, the Gravity, is also contributing to the positive sentiment, as it is expected to drive deliveries higher throughout the year. Discussions on Reddit reflect a mix of enthusiasm and caution among investors, with some users comparing Lucid to an early Tesla and highlighting the company's backing from the Saudi sovereign wealth fund as a stabilizing factor. One user noted, "Lucid's not going anywhere as long as the Saudis are backing them. From what I can tell they have a really long runway before not being profitable is a real problem for their future."
Despite the positive news, some concerns remain about Lucid's financial stability and the potential impact of the incoming administration's stance on EV tax credits. However, the company's strategic partnership with Panasonic Energy, ensuring high-performance batteries for the Gravity SUV, and its commitment to technological excellence are seen as strong positives.