Lucid Group (LCID) saw its stock rise by 4.64% to close at $2.93 on February 4th, after opening at $2.81 and reaching a high of $2.96. The positive price movement was driven by several key developments. Lucid's U.S. sales surged 51% y/y in January, with 665 units sold, bolstered by the strong performance of the Air sedan and the introduction of the Gravity SUV. The Gravity SUV's access to Tesla's extensive Supercharger network, without needing an adapter, has enhanced its market appeal. Additionally, Lucid announced new technical details for the Gravity, highlighting its advanced charging technology and impressive range, which have likely contributed to the positive sentiment.
Further supporting the stock's upward momentum, Lucid named Taoufiq Boussaid as its new CFO, effective February 25th. His experience in operational transformation is expected to support the production ramp-up of the Gravity SUV. The announcement of Boussaid's appointment, along with the strategic alignment of financial and operational processes, has likely bolstered investor confidence.
On social media, discussions highlighted the Gravity's charging capabilities and its competitive edge in the luxury EV market. One post noted, "Lucid's (LCID) EV sales climbed 50% in January after launching its new Gravity electric SUV," emphasizing the positive impact of the Gravity's launch on sales figures.