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Highlights
- Lucid Group Inc (Nasdaq:LCID) stocks jumped 10.18% on Sep 29 after it announced the launch of a sedan car.
- The company will start delivery of Lucid Air sedan cars from next month.
- Hyzon Motors Inc. (NASDAQ:HYZN) stocks crashed after allegations of inflating revenue projections.
The stock of EV maker Lucid Group Inc (Nasdaq:LCID) skyrocketed, while shares of hydrogen fuel-cell car manufacturer Hyzon Motors Inc. (NASDAQ:HYZN) crashed on Wednesday.
LCID stock jumped 10.18 percent to US$27.055 at 11.04 am ET on Sep 29, a day after the company announced the production of Lucid Air sedan cars, to be delivered from October.
On the other hand, the HYZN stock dropped by 6.03 percent to US$6.225 at 11.47 am ET, a day after the company was accused of inflating revenue projections.
Here are some recent developments of the two companies.
Lucid Group Inc
Highlighting its plans, Lucid Group has launched a “production preview week,” during which media, customers, and policymakers will get a chance to see its factory in Arizona and test drive its first luxury sedan Lucid Air.
The car’s cost has been set at US$77,400, with an additional US$7,500 after taxes. The company said that it has already received over 13,000 bookings.
The company plans to produce 20,000 Lucid Air sedans by 2022, which are expected to generate US$2.2 billion, according to its communique to investors.
It will also produce a special edition car called Air Dream Edition, and each vehicle will cost US$169,000. However, the company will produce only 520 cars of this edition, it said.
Lucid, the EV start-up, went public through SPAC. The stock was listed on Nasdaq in July. Lucid is the first EV start-up to go public. Lucid, founded as Atieva in 2007, is considered the first rival to Tesla. Now, Atieva works as a technology section for Lucid.
Lucid has a market cap of US$43 billion. Its 52-week highest and lowest stock prices were US$64.86 and US$9.60, respectively.
Also read: Eight hot stocks to consider in a booming EV market
Source: Pixabay.
Hyzon Motors Inc.
HYZN stock tanked after allegations of inflating revenue projections. However, the company has refuted the accusations. HYZN is a New York-based hydrogen fuel cell commercial vehicle manufacturer. Hyzon Motors is a spin-off from Singapore-based Horizon Fuel Cell Technologies. The company manufactures zero-emission hydrogen fuel cell-powered commercial vehicles like buses, trucks, etc. It is often dubbed hydrogen-based Tesla.
Investment firm Blue Orca Capital has accused HYZN of cheating customers and inflating revenue outlook. In addition, HYZN is accused of making unrealistic financial projections.
Blue Orca also has alleged that HYZN does not have many vehicle orders as it claims. But HYZN has denied the claims.
Also read: Can these 5 green EV stocks be the blue chips of future?
Hyzon went public in July this year after a SPAC merger. The company has a market cap of US$1.5 billion. The 52-week highest and lowest stock prices were US$19.95 and US$6.02, respectively.
Bottomline
The automobile market is seeing significant growth even as its transition to an all-electric future continues. Several major global automakers have recently announced ambitious plans to foray into the electric vehicle segment with big investments and emissions cuts. However, investors should evaluate the stocks carefully before investing.
