Why EV Maker Lucid Stock Jumped Today
Electric luxury sedan maker Lucid Group (NASDAQ: LCID) reported its fourth-quarter and full-year 2022 production results this morning, and the stock popped almost 7% at the market open. As of 10:40 a.m. ET, Lucid shares were still up by 5%.
Lucid produced almost 3,500 electric cars in the fourth quarter to reach a total of 7,180 for the full year. That beat the company's most recent projection for 6,000 to 7,000 vehicles to be produced in 2022. That estimate had been lowered twice, though.
The original estimate entering the year was for Lucid to make 20,000 of its Air sedans. Supply chain problems and difficulties ramping up production forced the company to lower expectations as the year progressed. But investors are looking at the accelerated pace of production in the fourth quarter, and the stock is rising today.
Source Fool.com
