Lucid Motors (LCID) won a prestigious EV grant arsenic it gears to marque its archetypal net report, aft starting Lucid Air electric-car deliveries successful precocious October. Lucid banal wobbled, portion Rivian banal and GGPI banal jumped.
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On Tuesday, MotorTrend named the Lucid Air "2022 Car of the Year," the archetypal clip that a archetypal electrical conveyance from a caller automaker has snagged the coveted award.
The white-hot EV banal and emerging Tesla (TSLA) rival whitethorn connection an update connected Lucid Air deliveries. It whitethorn besides update investors connected accumulation and transportation targets, with chap EV startups Rivian Automotive (RIVN) and Fisker (FSR) connected its heels.
Lucid Earnings
Estimates: Late Monday, Wall Street expects Lucid Motors to suffer 25 cents a stock connected nominal revenue, according to FactSet. No year-ago estimates are available. Four analysts screen the caller EV stock.
Lucid banal debuted successful precocious July aft a reverse merger with a blank-check company. Lucid Air deliveries began connected Oct. 30, truthful that won't amusement up successful the September-ended quarter.
Results: Check backmost aboriginal for Lucid earnings.
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Lucid Stock, EV Stocks
Amid quality of the EV grant win, shares of Lucid Motors fell 0.4% connected the stock marketplace today, erasing aboriginal gains. Lucid banal remains acold extended from a 28.49 bargain constituent disconnected a cup-with-handle base, according to MarketSmith illustration analysis. That means shares are not successful bargain range.
In precocious October, Lucid stock broke retired aft the EV startup began the archetypal lawsuit deliveries of the luxury Lucid Air Dream sedan. Lucid's Air EV, boasting proprietary EV technology, beats Tesla (TSLA) connected driving range.
Among different caller EV stocks, Rivian Automotive (RIVN) popped 7.4% Monday. Last week, Rivian banal soared 67% successful the 3 days since its IPO. And peculiar intent acquisition institution Gores Guggenheim (GGPI) leaped 16% to $14.17, adding to past week's 20% rally. The blank-check institution is taking Swedish EV shaper Polestar public.
At the Los Angeles Auto Show this week, Fisker volition yet amusement a accumulation intent mentation of their archetypal EV, the Ocean SUV. It's seen arsenic a rival to Tesla's Model Y.
Tesla fell 4.5% Monday, extending a 15% diminution past week. Fisker besides turned lower, down 2.6%, aft breaking retired past 20.71 past week connected a Foxconn deal.
Lucid Air Delivery, Production Targets
Saudi Arabia-backed Lucid plans to present 520 Lucid Air Dream sedans, costing $169,000. Cheaper versions volition follow.
In 2022, Lucid Motors expects to nutrient 20,000 Lucid Air sedans, generating much than $2.2 cardinal successful revenue.
In the past month, Lucid Motors went connected a teardrop aft starting deliveries. The Lucid Air, its archetypal electrical vehicle, is built with proprietary technology.
Deliveries people a milestone infinitesimal for a startup. Many EV startups neglect to unrecorded up to archetypal hype.
Startup adjacent Rivian Automotive besides began selling its archetypal EV, the R1T electrical truck, up of the blockbuster Rivian IPO.
In September, the Lucid Air Dream was officially confirmed arsenic the longest-range electrical car ever. It delivers 520 miles connected a azygous charge.
Longer electrical driving scope is cardinal to the adoption of electrical cars.
Find Aparna Narayanan connected Twitter at @IBD_Aparna.
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