Lucid rises following the delivery of its first Uber robotaxi (of 20,000) and a price target bump
One down, a minimum of 19,999 to go.
In a Wednesday morning post on X featuring some of the most royalty-free music you’ve ever heard, Lucid announced it’s delivered its first Gravity SUV earmarked for service as an Uber robotaxi next year. Shares of the company climbed 3%.
The vehicle is now with autonomous driving company Nuro, which will add software and test the SUV for road readiness.
The 20,000-vehicle agreement over six years is a hefty order for Lucid, which expects to build between 18,000 and 20,000 vehicles this year.
Lucid stock could also be seeing a boost from a price target hike by Cantor Fitzgerald on Wednesday, to $26 from $20. (Remember, though, that before a 1-for-10 reverse stock split at the beginning of this month, Cantor’s target had been the equivalent of $30.)
Lucid shares have now risen more than 40% from their all-time closing low of a split-adjusted $16.16 on September 4.
