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Highlights
- Lucid Group Inc (NASDAQ: LCID, LCID:US) saw its stock price shoot up by as much as 47 per cent on Thursday, October 28.
- The day high price that Lucid stocks hit on Thursday was the highest level the EV manufacturer achieved since it went public on July 26.
- At the end of the trading session, it stood at a price of US$ 35.48 per share.
Lucid Group Inc (NASDAQ: LCID, LCID:US) saw its stock price shoot up by as much as 47 per cent on Thursday, October 28, and hit a day high of US$ 39.78 apiece.
At the end of the trading session, it stood at a price of US$ 35.48 per share, noting a surge of more than 31 per cent and a daily trading volume of about 377 million.
A couple of factors is likely to have triggered this stock price jump for the luxury electric vehicle (EV) company. Let us take a close look at those factors before diving into its recent stock performance.
Why stocks of Lucid Group Inc (NASDAQ: LCID, LCID:US) soared?
- Lucid confirms customer deliveries of its first EV
A day before its latest stock price surge, on Wednesday, October 27, Lucid Group announced that the initial customer deliveries of its Dream Edition cars is set to begin on Saturday, October 30.
Also read: Electric Vehicles Then & Now: Tracing The Near 200-Year History
The delivery of these models comes in the wake of Lucid Group’s production initiation at the Casa Grande, Arizona-based factory in September 2021.
The Dream Edition Range is estimated run about 520 miles on a single charge, as per the Environmental Protection Agency (EPA), which is reportedly the longest range for an EV.
Lucid Group aims to deliver 520 units of this edition before delivering the Lucid Air Grand Touring versions, which are expected to reach customers in 2022.
- Lucid set to reveal its quarterly results
Lucid Group said on Thursday morning that it is scheduled to publish its financial results for the third quarter of fiscal 2021 on Monday, November 15.
This would be Lucid Group’s first earnings report since it went public in July this year following a merger with special public acquisition company (SPAC) Churchill Capital Corp IV.
Also read: Churchill (CCIV) Stock Up 16%: Why Is Lucid's SPAC Partner Soaring?
Lucid Group Inc stock performance
The day high price that Lucid stocks hit on Thursday, i.e., US$ 39.78 a share, was the highest level the EV manufacturer achieved since it went public on July 26.
Lucid stock’s day high and closing price from Thursday, however, remain more than 45 per cent beneath its 52-week high of US$ 64.8 per share – a level it reached on February 18 this year following reports for it nearing a SPAC deal.
Nonetheless, the EV stock currently reflects a healthy price performance, with a year-to-date (YTD) growth of more than 254 per cent and a year-over-year (YoY) surge of nearly 268 per cent.
This month, Lucid stock has expanded by nearly 40 per cent.
Bottom line
Lucid stocks have come a long way since opening at a price of US$ 25.24 per share on its first trading session on July 26, having grown by nearly 41 per cent.
With a surge in the purchase and usage of EVs as awareness around climate change expands, electric car makers like Lucid Motors are likely to see a growth in their demand, which, in turn, can boost their stock prices in the future.
