Today's surge in Lucid Motors' stock price.
Electric vehicle manufacturer Lucid Group (LCID shedding -3.03%) is seeing a surge in shares today, following a significant dip post-U.S. elections. This upward trend seems to stem from internal factors instead of the election results.
The stock saw an increase of 3.8% by 1:30 p.m. ET, despite a 50% year-to-date drop. Shareholders are hopeful that today's developments could be the turning point for Lucid's future.
Emphasis on Technology
Lucid Group announced today that they are now accepting orders for their high-end Gravity Grand Touring SUV. Since its production commencement about three years ago, Lucid has primarily offered their luxury Air sedan models. The shift to SUVs emphasizes Lucid's commitment to pioneering technologies within the sector.
The Gravity Grand Touring trim promises over 440 miles of range on a single charge of its battery. The SUV boasts a powerful 828 horsepower, with the standard model accommodating up to five occupants in two rows. It also features Lucid's advanced driver assistance system.
Instead of targeting a broader market, the Gravity Grand Touring model is a luxury EV priced at a premium. Its starting price is set at $94,500, with a lower-priced Touring model due in late 2025, starting at $79,900.
Lucid has been operating at a loss due to low sales volumes. They expect to manufacture only 9,000 vehicles this year. Shareholders have been eagerly awaiting a trigger to boost sales. However, it remains questionable whether a $94,500 luxury SUV will serve as that catalyst. Investors will gain additional insights from management after market closure, as the company shares its third-quarter operational and financial report.
The shift towards SUVs with the Gravity Grand Touring model showcases Lucid Group's dedication to investing in technological advancements in the vehicle sector. With the luxury EV priced at $94,500, wealthy shareholders and investors might see potential in this high-end offering, contributing to further finance discussions surrounding the company's financial future.
