Electric Vehicle Maker Lucid Motors Sees Stock Soar on Strong Sales Results
The electric vehicle (EV) market has been experiencing a slowdown in growth this year, but Lucid Motors is bucking the trend. The California-based company’s stock surged 8% in early trading on Monday after it reported impressive sales results for the fourth quarter and full year.
Production and Delivery Numbers Exceed Expectations
Lucid Motors produced 3,386 EVs and delivered 3,099 in the fourth quarter, a significant increase from the 2,391 produced and 1,734 delivered in the previous quarter. For the full year, the company reported production of 9,029 units and delivery of 10,241, up from 8,428 produced and 6,001 delivered in the previous year.
A Big Year Ahead for Lucid
Despite the industry’s slowdown, Lucid Motors is poised for a big year ahead. The company is gearing up for volume production and ramping up sales of its highly anticipated Gravity SUV. With projected sales five times that of its existing Air sedan, the Gravity is expected to be a game-changer for Lucid. The SUV, priced under $80,000, will also be eligible for the federal EV tax credit of $7,500.
CEO Confident About Impact of Tax Credit Loss
However, the incoming administration has indicated it will scrap the tax credit. CEO Peter Rawlinson is unfazed, believing that the loss of the tax credit will not significantly impact Lucid’s higher-income clientele. “Lucid, amongst all the EV makers, is really the most immune from that,” he said in an interview with Bloomberg.
More Details to Come
Lucid Motors will reveal more details about its fourth quarter and future production, as well as its full financial performance, when it reports Q4 results on Tuesday, February 25. Investors will be eagerly awaiting the company’s earnings report to get a better understanding of its growth prospects.
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