Why Lucid Group Stock Climbed On Tuesday
April 2 Lucid Group (NASDAQ:LCID) stock climbed 4.5% on Tuesday after interim CEO Marc Winteroff said the company is seeing an influx of former Tesla (NASDAQ:TSLA) customers. Over the past two months, nearly half of Lucid's new orders have come from ex-Tesla drivers, according to Fox Business.
- Warning! GuruFocus has detected 4 Warning Signs with LCID.
Winteroff noted that Tesla owners have been a prime target for Lucid, given their familiarity with EVs and growing interest in alternatives. Analysts suggest Lucid's domestic production in Arizona offers an edge, reducing exposure to tariffs and ensuring quality control.
The EV maker has ambitious plans for 2025. It aims to double production from 9,029 vehicles in 2024 to approximately 20,000. The monthly output is expected to ramp up, reaching 2,000 vehicles by year-end.
Looking forward, Lucid also plans to introduce new models and enhance technology, which will position the company for sustained growth.
This article first appeared on GuruFocus.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10