Why Lucid Stock Is Soaring Today
Lucid (NASDAQ: LCID) stock is making big gains in Friday's trading. The electric vehicle (EV) company's share price was up 6.5% at 1:30 p.m. ET and had been up as much as 11.5% earlier in the day's session.
Lucid stock is climbing today following the company's announcement on X that the production of its Gravity SUVs had begun. Despite today's valuation pop, the stock is still down roughly 47% year to date.
Production on Lucid's Gravity SUVs has started at the company's manufacturing plant in Arizona. The Gravity is the company's first electric SUV. It offers more than 440 miles of travel range from a single charge and seats up to seven passengers. The push into the luxury EV market represents an important growth opportunity for the company, and investors will be watching to see how much demand there is for the new vehicle.
Source Fool.com
