Written by Cláudio Afonso | LinkedIn | X
Lucid Motors delivered 2,394 vehicles in the second quarter of the year, while production numbers stood at 2,110 units, beating expectations from Wall Street analysts — including Andres Sheppard from Cantor Fitzgerald.
Lucid shares are trading nearly 7 percent higher on Thursday after the CEO Peter Rawlinson confirmed that the brand is “going to reveal a product” that achieves 5 miles per kWh “very soon”.
In a new research note, the Cantor analyst said the EV maker surpassed their forecasts both on vehicles produced (2,110 vs. 1,803) and on vehicles delivered (2,394 vs. 1,979) in the second quarter.
Regarding Lucid’s upcoming SUV Gravity, the analyst stated, “In our estimates, we model Gravity deliveries starting in 2025E, although we expect the more material ramp-up to occur in 2H25/1H26”.
With the start of production of Gravity set for the last quarter of the year and the
As such, we expect the majority of these deliveries to be more heavily weighted toward the later years of the agreement.
During the first quarter earnings call, Lucid’s CEO Peter Rawlinson disclosed that over 500 deliveries in the first quarter were in Saudi Arabia.
“In our estimates, we model initial deliveries to Saudi Arabia to be 1,923 in 2024, and 3,277 in 2025, although it’s important to note that management has not provided a breakdown of its deliveries to Saudi Arabia at this time,” the analyst wrote.
Cantor has a price target of $4 on the stock representing an upside potential of 26.98 percent based on the last closing price.
In an email sent last week, the company announced that was introducing a new leasing incentive of $7,500 Air Credit for customers in the United States. This offer is in addition to the existing $4,000 bonus available for inventory vehicles.
Written by Cláudio Afonso | LinkedIn | X
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