Lucid Motors (LCID) won a prestigious EV award as it gears to make its first earnings report, after starting Lucid Air electric-car deliveries in late October. Lucid stock rose, while Rivian stock and GGPI stock jumped.
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On Tuesday, MotorTrend named the Lucid Air “2022 Car of the Year,” the first time that a first electric vehicle from a new automaker has snagged the coveted award.
The white-hot EV stock and emerging Tesla (TSLA) rival may offer an update on Lucid Air deliveries. It may also update investors on production and delivery targets, with fellow EV startups Rivian Automotive (RIVN) and Fisker (FSR) on its heels.
Lucid Earnings
Estimates: Late Monday, Wall Street expects Lucid Motors to lose 25 cents a share on nominal revenue, according to FactSet. No year-ago estimates are available. Four analysts cover the new EV stock.
Lucid stock debuted in late July after a reverse merger with a blank-check company. Lucid Air deliveries began on Oct. 30, so that won’t show up in the September-ended quarter.
Results: Check back later for Lucid earnings.
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Lucid Stock, EV Stocks
Amid news of the EV award win, shares of Lucid Motors gained 2.2% to 44.88 on the stock market today. Lucid stock remains far extended from a 28.49 buy point off a cup-with-handle base, according to MarketSmith chart analysis. That means shares are not in buy range.
In late October, Lucid stock broke out after the EV startup began the first customer deliveries of the luxury Lucid Air Dream sedan. Lucid’s Air EV, boasting proprietary EV technology, beats Tesla (TSLA) on driving range.
Among other new EV stocks, Rivian Automotive (RIVN) popped 14.9% to 149.36 Monday. Last week, Rivian stock soared 67% in the three days since its IPO. And special purpose acquisition company Gores Guggenheim (GGPI) leaped 15.4% to 14.78, adding to last week’s 20% rally. The blank-check company is taking Swedish EV maker Polestar public.
At the Los Angeles Auto Show this week, Fisker will finally show a production intent version of their first EV, the Ocean SUV. It’s seen as a rival to Tesla’s Model Y.
Tesla fell 1.9% Monday, extending a 15% decline last week. Fisker gained 2.1% to 21.21 after breaking out past 20.71 last week on a Foxconn deal.
Lucid Air Delivery, Production Targets
Saudi Arabia-backed Lucid plans to deliver 520 Lucid Air Dream sedans, costing $169,000. Cheaper versions will follow.
In 2022, Lucid Motors expects to produce 20,000 Lucid Air sedans, generating more than $2.2 billion in revenue.
In the past month, Lucid Motors went on a tear after starting deliveries. The Lucid Air, its first electric vehicle, is built with proprietary technology.
Deliveries mark a milestone moment for a startup. Many EV startups fail to live up to initial hype.
Startup peer Rivian Automotive also began selling its first EV, the R1T electric truck, ahead of the blockbuster Rivian IPO.
In September, the Lucid Air Dream was officially confirmed as the longest-range electric car ever. It delivers 520 miles on a single charge.
Longer electric driving range is key to the adoption of electric cars.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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