Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle maker Lucid Motors rallied Friday, closing up 10.05% at $2.30. In the same week that the EV startup started producing its second model, the stock saw the highest volume of shares traded since the second week of November 2021, data from Webull shows.
The week marked the highest trading volume for Lucid shares since November 2021, a few months after the California-based EV maker went public. On Friday, more than 150.3 million shares were traded, well above the company’s three-month daily average of 55 million shares.
Despite this recent surge, Lucid’s stock remains down about 45% year-to-date. The shares are currently trading nearly 20% above the all-time low reached on November 15. The company’s market capitalization now stands at just below $7 billion.
Shares of Tesla and Rivian each gained more than 5% on Friday, while China’s Zeekr rose about 3%. Nio closed flat, and XPeng slipped 0.3%.
As reported earlier this week, U.S. sales hit a record 712 vehicles in November, reflecting a 45% increase year-on-year and a 6.3% gain from October. On its third-quarter earnings call, Lucid reiterated an annual production target of 9,000 units.
According to CEO Peter Rawlinson, the Gravity SUV will compete in a total addressable market (TAM) roughly six times larger than that of Lucid’s inaugural model, the Air luxury sedan. The start of deliveries in the U.S. was still not communicated by the EV maker.
Lucid’s managing director for Europe Alexander Lutz left the company this week EV learned on Thursday. The role will be filled by Lawrence Hamilton, who has spent the past two and a half years leading Hyundai’s premium brand Genesis in Europe.
Written by Cláudio Afonso | LinkedIn | X
