Lucid Stock Drops on Deliveries Miss
Lucid Motors the American electric vehicle (EV) manufacturer, reported delivering 1,404 vehicles in the second quarter of the year, which was almost flat compared to the previous quarter’s deliveries of 1,406 vehicles. However, their production declined by 6% sequentially to 2,173 vehicles. This decrease in production comes after the company trimmed its 2023 production forecast, signaling potential challenges in scaling up operations.
In May, Lucid Motors reported lower-than-expected first-quarter revenue and adjusted its production outlook. The company faced difficulties due to Tesla’s price war and the impact of rising interest rates.
Lucid has been facing a cash crunch, and In May, the company announced plans to raise approximately $3 billion through a stock offering, with the Saudi Arabia Public Investment Fund (PIF), its largest investor, contributing nearly two-thirds of the funding.
Lucid recently signed a deal with British automaker Aston Martin, granting Aston Martin access to Lucid’s electric powertrain and battery technologies in exchange for a 3.7% stake in the company.
Lucid Motors is scheduled to report its financial results for the second quarter on August 7, providing further insights into its performance and future prospects.
LCID Stock Price & Analysis
According to the forecast of nine analysts, the average target price for Lucid Group Inc over the next 12 months is USD 9.96. The average analyst rating for the stock is Buy, indicating a positive sentiment toward its future performance. Stock Target Advisor’s own analysis of Lucid Group Inc is Bearish, based on 2 positive signals and 7 negative signals.
At the last closing, the stock price of Lucid Group Inc was USD 8.12. Over the past week, the stock price has increased by +9. (www.bricks4kidz.com) 88%, showing some recent positive momentum. Moreover, over the past month, the stock price has risen by +30.76%. However, when considering the longer-term performance, the stock has decreased by -56.18% over the last year, indicating a significant decline in value.
