Lucid Jumps 5% After Beating Delivery Expectations

Lucid (LCID, Financials) gave Wall Street a jolt Thursday; the EV maker delivered 3,309 vehicles in Q2 up 38% from last year pushing the stock up over 5% to $2.23 intraday. It's a record for the company; but it comes with some baggage.

Lucid built 3,863 vehicles; meaning 554 units are sitting idle. Demand is rising; but not fast enough to keep up with production and that gap could be a red flag if it sticks around.

Most of the Q2 buzz came from the Gravity SUV; Lucid's sleek, three-row luxury model. It's the second big name in their lineup after the Air sedan and it's catching attention. Still, Gravity sales are trailing internal goals; to hit the 2025 delivery target of 20,000 units, Lucid will need to more than double output in the second half.

The stock opened hot jumping from $2.075 to a high of $2.23; trading volume topped 88 million shares in the first hour alone. That's more than twice the daily average; a sign that institutions may be stepping in or traders are chasing short-term heat.

At a $6.6 billion market cap, Lucid is still a shadow of its former self; but Thursday's rally gave bulls a little hope. A broader market lift helped too; with the S&P 500 and Nasdaq both in the green, EV stocks got a rare tailwind.

But big hurdles remain. Lucid's cash burn is steep; gross margin sits at -105.68%. The company is scaling fast; but profit or anything close still feels far off. And the wider EV market? It's cooling down.

So far in 2025, Lucid has produced around 7,700 vehicles. To reach 20,000, it'll need to ramp up quickly while juggling supply chain issues, tight capital, and brand integrity.

Analysts have a 12-month price target of $2.53 on the stock not far from where it trades now. With earnings set for August 5, all eyes are on whether Lucid can keep the momentum going or if Q2 was just a blip.