Citi analyst Itay Michaeli lowered on Monday the firm’s price target on Lucid to $36.00 (from $45.00) while maintaining a Buy rating. Based on Monday’s opening price, the new price target implies an upside potential of 108%.
Lucid Stock Performance
Last week, Lucid announced its Q1 2022 Earnings Results reporting a total revenue of $57.7 million and 360 vehicles delivered to customers in the first quarter. The EV maker said it is experiencing strong demand with more than 30,000 customer reservations, representing potential sales of $2.9 billion, the company said.
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By then, the luxurious EV maker said it will increase the prices in the US and Canada starting in June: “As of June 1, new reservations will be priced in the U.S. at $154,000 for Air Grand Touring, $107,400 for Air Touring and $87,400 for Air Pure. The price for the new Lucid Air Grand Touring Performance model, announced just two weeks ago, will remain priced in the U.S. at $179,000.
On April 27, Lucid announced an agreement with the Government of Saudi Arabia to deliver up to 100,000 vehicles over a ten-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.
Lucid will inaugurate its first European showroom in Germany in May amid global expansion. The confirmation was made through a billboard placed on Terminal 2 in Munich (Germany) saying: “Visit our Lucid Studio in Munich. Opening May 2022.”