Lucid's stock climbs, boosted by jump in vehicle deliveries

By James Rogers

Lucid's third-quarter vehicle deliveries are up 90% year-over-year

Shares of Lucid Group Inc. climbed 2% Monday after the electric-vehicle maker reported a jump in vehicle deliveries.

During the quarter ending Sept. 30, Lucid (LCID) produced 1,805 vehicles and delivered 2,781 vehicles, the company said, in a statement. These numbers are up from the same period last year, when Lucid produced 1,550 vehicles and delivered 1,457 vehicles.

Analysts surveyed by FactSet are looking for total production of 2,400 vehicles and deliveries of 2,000 vehicles.

Related: Lucid gets $1.5 billion lifeline from Saudi Arabia, Wall Street cheers 'liquidity cushion'

Lucid also said that its third-quarter results will be released after market close on Nov. 7.

The stock is on pace for its biggest daily percentage gain since Oct. 2, when it rose 2.5%. Lucid shares are down 19.1% in 2024, compared with the S&P 500 index's SPX gain of 20.1%.

In a note released after Lucid's announcement Monday, Cantor said that its neutral rating and $4 price target for the EV maker are unchanged. Of 14 analysts surveyed by FactSet, 11 have a hold rating and three have an underweight or sell rating for Lucid.

Related: EV maker Lucid's stock leaps after deliveries jump 70% in Q2

In August the company announced a $1.5 billion investment commitment from Saudi Arabia's sovereign wealth fund. Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund., will purchase $750 million of convertible preferred stock via private placement and provide for a $750 million unsecured delayed draw term loan facility, Lucid said in a statement.

Lucid reported its second-quarter results on the same day as the sovereign wealth fund announcement, ending the quarter with approximately $4.28 billion of total liquidity.

"Management previously noted on its 2Q call that it believes its current liquidity (inclusive of the recently announced $1.5B Raise) is sufficient to fund the company into the 4Q25," Cantor analyst Andres Sheppard wrote in Monday's note.

Related: Tesla's deliveries didn't live up to the hype. What investors should watch next.

Last week rival Tesla Inc. (TSLA) reported better-than-expected third-quarter delivery numbers. Tesla shares are down 1.8% Monday.

-James Rogers

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10-07-24 1018ET

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