So far, second-quarter electric vehicle delivery reports have been going well. EV producers both large and small, including Tesla (NASDAQ:TSLA) and Nio (NYSE:NIO), have reported better-than-expected results. This suggests that the sector is bouncing back.
All eyes are now on Lucid Motors (NASDAQ:LCID) as it gears up to reveal its statistics from the past quarter. The company hasn’t released a specific date for the delivery report. However, LCID stock closed out trading in the green today, signaling that the market is optimistic about its progress.
What’s Happening with LCID Stock
Amidst a volatile year, LCID stock had a very good day on Wednesday, ultimately closing higher by more than 7%. This performance puts it in the green by more than 12% over the past five sessions, setting a positive tone for when trading resumes. The catalyst appears to be investors betting that Lucid will have similar luck to its competitors with its delivery figures.
One fan account posted that the company will post Q2 deliveries on or before July 12. While the post doesn’t cite a source, that timeline does make sense. Q2 recently ended and companies are looking to enter Q3 on a high note. Plus, its peers have already reported.
Lucid’s poor performance over the past few months — down roughly 30% in 2024 — has caused many investors to sour on LCID. But deliveries could help turn things around.
When the EV maker reported Q1 deliveries in April 2024, it managed to reach a new record even as it struggled to find demand for its luxury vehicles. The company looks poised to continue posting positive delivery statistics. As InvestorPlace contributor Tomas Levani notes:
“Lucid’s finances also place it as one of the EV stocks to buy. It is currently trading at an immense discount, and there is significant room for upside to hit its previous peak. … The company is burning a lot of cash but it still has over $4 billion and it is being heavily backed by the well funded Saudi Public Investment Fund. “
What Comes Next
Investors will be watching closely as Lucid prepares to reveal its Q2 deliveries. If they show a new record, LCID stock could experience a sustained rally. This is especially true if the EV market continues to show signs of recovery.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
