Why Lucid Shares Are Jumping This Week
Shares of EV start-up Lucid Group (NASDAQ: LCID) were up as much as 15% at their highs of the week. As of early Friday morning, the stock was still about 9.5% higher than where it closed last Friday, according to data provided by S&P Global Market Intelligence.
Nothing specific came from the company this week. Prior to this week, however, investors had punished Lucid shares since it released its second-quarter report in the first week of August. The company surprised investors in that report by cutting its 2022 production forecast for the second time this year. This time, Lucid said it will only make half as many of its luxury electric vehicles as it last said. This week, however, there were reports that the company is well on its way to meeting, or beating, that prediction of making 6,000 to 7,000 electric Air sedans.
Source Fool.com
