Lucid, still without a permanent CEO, is up 45% since bottoming out in March
Lucid shares surged more than 10% on Tuesday afternoon, marking further progress in the luxury electric vehicle maker’s recovery from March lows.
The company, which has gotten vast amounts of funding from Saudi Arabia’s Public Investment Fund — the sovereign wealth fund holds roughly 60% of Lucid shares — has been led by an interim CEO since Peter Rawlinson stepped down near the end of February.
Since those lows, which came a couple of weeks after Rawlinson stepped down, the stock has surged 45%.
A handful of factors could be making investors optimistic:
Lucid’s pricey vehicles don’t qualify for the EV tax credit (outside of leasing loopholes), so the company shouldn’t face a significant sales hit from that credit’s likely end later this year — and could even see a boost in the lead-up to its removal.
Production of the Gravity SUV continues to ramp up, boosting delivery numbers. Lucid has increased deliveries for five straight quarters, including a 58% jump in Q1 from the same period last year.
The company plans to expand to more markets in Europe and the Middle East this year.
