Lucid‘s shares extended Friday’s rally on Monday, pushing the two-session gain past 23%, hours after Cantor Fitzgerald said it expects the premium brand to report over 5,100 units delivered in the second quarter.
As of publication time, the stock was jumping 6.8% at $6.32. The move tracked a wider rally in electric-vehicle shares, with Tesla up 5.2% at $399.
Shares of the Saudi-backed EV maker continued Friday’s run after a Cantor Fitzgerald research note — first obtained by PriceTarget — in which the firm’s leading analyst Andres Sheppard previewed the second-quarter production and delivery figures.
A Two-Day Surge
Lucid had jumped 15.6% on Friday to close at $5.92, its sharpest single-day move since Silvio Napoli became chief executive on June 1.
Monday’s advance built on that, lifting the stock to its highest since June 2 following a brutal stretch that had driven the shares to an all-time low of $4.47 earlier this month.
Friday’s volume reached 35.5 million shares, more than double the three-month average of about 16.9 million.
What Drove It
Monday’s Cantor note, in which analyst Andres Sheppard estimated second-quarter deliveries to be at 5,170 units — above the Visible Alpha consensus of 4,618.
Sheppard kept a Neutral rating and an $8 price target, a level that implies upside from Monday’s price but stops well short of a bullish call.
The estimate points to a rebound from the first quarter, when a near-total Gravity recall froze deliveries for 29 days and held volumes to 3,093, badly missing expectations of about 5,237.
First-quarter output of 5,500 vehicles outpaced deliveries, leaving inventory the company is now working down — stock that could feed the second-quarter rebound Cantor expects.
Still Deep in the Red
Even after the two-day surge, Lucid remained down 40% for the year and 70% over the past twelve months.
The stock was off 30.9% over three months and, despite the pop, still 4.9% lower over the past month.
The five-day gain stood at 22.6%, a reminder that the rally has clawed back only a portion of a steep, sustained decline.
The bounce came off depressed levels that had made Lucid one of the worst-performing names in the sector this year, weighed down by soft demand, a leadership exodus and a heavy cash burn.
In Europe, where the company is weighing cuts of up to 40%, it registered just 35 vehicles in May.
A Relief Rally Off the Week’s News
Lucid shareholders spent last week absorbing the second job cuts of the year.
The same day — and as exclusively reported by EV — the company removed Marc Winterhoff as chief operating officer, scrapping the role weeks after his return and deepening a run of senior departures.
Set against the retrenchment were signals that growth plans held, including a former Ford executive hired to run the Saudi plant as the Cosmos crossover nears low-volume production by year-end.
Days earlier, the company had registered the Cosmos design in the European Union and named Houston as the second city for its planned robotaxi service, after a San Francisco Bay Area launch due around year-end.
The Backdrop
Napoli took over as CEO on June 1, inheriting a company that lost $2.7 billion in 2025 and burned $3.8 billion in free cash flow.
Napoli, who has said his focus would fall on “cost competitiveness and streamlining,” ordered the latest cuts within weeks of taking the role.
The latest cuts target about $158 million in annual savings against roughly $32 million in severance, with the deepest reductions — 705 jobs — landing at the Arizona plant.
Lucid has leaned repeatedly on Saudi Arabia’s Public Investment Fund, which owns more than half the company and led a $1.05 billion raise in April.
That raise drew $550 million from a PIF affiliate, $300 million from a stock sale and $200 million from Uber, which holds an 11.5% stake and has committed to at least 35,000 vehicles for a planned robotaxi fleet.
Production guidance remains suspended after the company withdrew its 2026 target of 25,000 to 27,000 vehicles, with a revised outlook due alongside the second-quarter figures.
First-quarter revenue rose about 20% to $282.5 million but missed estimates, and the net loss neared $1 billion.
A securities class action filed this year accuses the company of concealing the Gravity defect, naming Winterhoff and the chief financial officer.
Cantor itself had nearly halved its price target to $8 from $14 after those first-quarter results.
Lucid is set to release second-quarter production and delivery figures within days, with full results due in early August.
Cantor expects management to issue updated production guidance during the second quarter.
