EV maker Lucid's stock leaps after deliveries jump 70% in Q2

By Tomi Kilgore

Production declined, reducing worries about supply issues

Shares of Lucid Group Inc. rallied Monday, after the electric-vehicle maker reported a big jump in deliveries during the second quarter.

The California-based company also reported a decline in production, which may help alleviate any lingering concerns that a recent slowdown in overall demand for EVs may lead to excess supply.

The stock (LCID) climbed as much as 6.8% soon after the open, before paring gains to be up 2.9% in afternoon trading toward a two-month high. It has now run up 26.9% since closing at a record low of $2.38 on April 22.

Lucid said it delivered 2,394 EVs during the quarter ending June 30, which was 70.5% more than what was delivered a year ago.

The company produced 2,110 EVs in the latest quarter, down 2.9% from last year.

Lucid's report comes about a week after EV giant Tesla Inc. (TSLA) reported second-quarter deliveries that fell 4.7% but were well above expectations. Tesla's production dropped 14.3%, to help send the stock soaring.

Also last week, fellow EV maker Rivian Automotive Inc. (RIVN) reported quarterly deliveries that rose 9.1% while production tumbled 31.3%.

Separately, Lucid said Monday that it will report full second-quarter results on Aug. 5 after the stock market closes.

Lucid's stock has slumped 28.4% year to date, while the Global X Autonomous & Electric Vehicles ETF DRIV has slipped 1.6% and the S&P 500 index SPX has advanced 16.7%.

-Tomi Kilgore

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07-08-24 1328ET

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