Lucid Motors’ Strong Q2 Deliveries Boost Stock

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Shares of high-end electric vehicle maker Lucid Motors (LCID) surged 8% on Monday following the company’s better-than-expected second-quarter delivery numbers. Despite a 24% decline in Lucid’s stock this year, the recent performance has sparked investor optimism.

Lucid, supported by Saudi Arabia’s Public Investment Fund, delivered 2,394 vehicles in Q2, a 71% increase from the same period last year and surpassing analysts’ estimates. The robust delivery numbers suggest growing demand for luxury electric vehicles.

Notably, approximately 30% of Lucid’s first-quarter deliveries went to the Saudi Arabian government. The company has not disclosed the number of vehicles delivered to Saudi entities in Q2, but this information is expected in the upcoming earnings report on August 5.

For the second quarter, analysts expect Lucid to report sales of $167 million, slightly down from the $173 million reported in Q1, during which the company sold 1,967 cars. Given the higher number of vehicles sold in Q2, Lucid may exceed these expectations, further boosting investor confidence.

Lucid targets a niche market with its high-end vehicles, which have an average price of around $90,000. The company’s ability to consistently meet and exceed delivery targets will be crucial for maintaining investor interest and achieving long-term growth.