Shares of Lucid Group (LCID 11.73%) had been buying and selling sharply larger on Monday, simply days after the corporate started manufacturing of its long-awaited second luxurious electrical car.
As of 1 p.m. ET, Lucid’s shares had been up about 13.1% from Friday’s closing value.
Are buyers liking EV shares once more?
Shares of many corporations within the electrical car area had been buying and selling larger on Monday as buyers’ considerations in regards to the incoming Trump administration’s plans to chop EV tax credit appeared to recede.
It is value noting that these considerations had been at all times overblown with Lucid. For probably the most half, the corporate’s luxurious fashions are too costly to be eligible for present EV purchaser tax credit. And as CEO Peter Rawlinson identified final month, the standard Lucid purchaser’s revenue is simply too excessive to qualify anyway.
Gravity is giving Lucid a lift at this time
Extra positively for Lucid itself, Rawlinson confirmed late final week that manufacturing of Lucid’s second mannequin, the large Gravity luxurious SUV, has begun on schedule.
Manufacturing of Lucid’s new Gravity SUV started at its Arizona manufacturing unit late final week. Picture supply: Lucid Group.
The Gravity is anticipated to attract new clients to the model — well-heeled patrons who would possibly admire Lucid’s class-leading EV know-how, however who need or want one thing bigger than the corporate’s acclaimed Air sedan.
Traders will not have to attend lengthy for an replace from the corporate. Lucid mentioned on Monday that it’ll take part in a “fireplace chat” at Nasdaq‘s Investor Convention in London on Wednesday, Dec. 11.
