Written by Cláudio Afonso | LinkedIn | X
The stock price of the electric vehicle (EV) maker Lucid Motors soared 25 percent on Friday closing at $4.25, the highest closing price since late December 2023.
In a new research note, Citi analyst Itay Michaeli said the rally was part of a broader rally in electric vehicle stocks, as EV sentiment continues to improve. The analyst keeps a Neutral rating on the stock with a $2.90 price target, 31% lower than the Friday’s closing price.
Rivian shares closed 8% higher, while Tesla surged nearly 3%. U.S.-listed stocks of Chinese EV makers also experienced gains, with Nio rising 4%, and Polestar, backed by the Geely Holding Group, increasing by more than 9%.
Besides the overall bullish trend in the EV market, Michaeli highlighted that encouraging commentary from the CEO Peter Rawlinson in a Bloomberg interview also played a crucial role.
In the interview, Lucid CEO said the company is “going to reveal a product” that achieves 5 miles per kWh “very soon”.
Although no further details were provided, it is anticipated that this innovation will debut as a new, more efficient variant of the renowned Lucid Air and not as a complete new model.
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“We’re able to go further with less battery energy than anyone else. I recently announced that we hit the magic five miles per kilowatt hour landmark, and we’re going to reveal a product which achieves that very soon,” Lucid CEO stated.
The company is expanding its plant in Saudi Arabia, the first one outside the United States, with the construction of 7/8 new buildings already in progress.
Currently, the AMP-2 facility is performing semi knocked-down (SKD) assembly, reassembling Lucid Air vehicle kits pre-manufactured at the company’s factory in Arizona, with an annual capacity to assemble 5,000 vehicles.
The EV maker reported on Monday that it delivered 2,394 vehicles in the second quarter of the year, while producing 2,110 units, beating expectations from Wall Street analysts.
Lucid scheduled a conference call to discuss its second quarter 2024 financial results on August 5 at 5:30 pm eastern time immediately after releasing its Q2 report.
Written by Cláudio Afonso | LinkedIn | X
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