Lucid Group Inc (LCID) saw its stock price soar 5.17% in intraday trading on Monday, as the electric vehicle maker reported a significant increase in orders from former Tesla owners. The surge in interest from Tesla drivers appears to be driving investor optimism in Lucid's growth prospects.
In a recent interview with Fox Business, Lucid's interim CEO Marc Winterhoff revealed that the company has experienced a "dramatic uptick" in orders from Tesla owners over the past two months. Winterhoff stated that 50% of all recent orders have come from former Tesla drivers, indicating a notable shift in consumer preferences within the premium EV market.
The exodus of Tesla owners to Lucid is attributed to growing dissatisfaction with Tesla CEO Elon Musk and a desire for alternative options in the luxury electric vehicle segment. Winterhoff noted that many customers are "looking for an option to not continue having a Tesla," citing a "negative feeling about Elon" as a contributing factor.
This surge in orders from former Tesla owners comes at a crucial time for Lucid, as the company prepares to expand its product lineup with the upcoming launch of its first electric SUV, the Gravity. The increased interest from Tesla's customer base could potentially accelerate Lucid's market share growth in the competitive EV industry, boosting investor confidence in the company's future prospects.
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