Lucid Rallied Today -- Is It Time to Buy the EV Stock?
Lucid (NASDAQ: LCID) stock jumped in Monday's trading. The electric vehicle (EV) specialist's share price ended the daily session up 4.3%, according to data from S&P Global Market Intelligence.
Lucid stock advanced today thanks to a strong earnings report and guidance from Li Auto. The Chinese auto company's fourth-quarter performance and forward outlook came in much better than anticipated, and the results helped power valuation gains for other companies in the EV space.
Li Auto posted non-GAAP (adjusted) earnings of $0.93 per American depositary share on sales of roughly $5.9 billion, far surpassing Wall Street's expectations. Vehicle deliveries jumped 185% year over year to reach 131,805, and the company's vehicle margin increased from 20% in last year's Q4 to 22.7% in this year's Q4. For the current quarter, Li expects to deliver between 100,000 and 103,000 vehicles -- good for year-over-year growth of roughly 93% at the midpoint of the target range.
Source Fool.com
