LCID Stock News: Lucid Group Inc gains as rising energy prices boost EV interest
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADE- NASDAQ:LCID gained 2.39% during Monday’s trading session.
- Lucid’s new Saudi production plant could be a difference maker for the company.
- A noted Tesla bull says the Berlin GigaFactory changes things completely for the EV maker.
NASDAQ:LCID rebounded slightly to start the week as the company looks to move forward from a disappointing earnings report last week. Shares of LCID edged higher by 2.39% and closed the trading session at $23.17. Electric vehicle makers were in the spotlight again as skyhigh oil prices stemming from the situation in Ukraine, have piqued investor interest. The overnight prices of oil hit $130 per barrel on Monday which represented a thirteen-year high for the commodity. The Dow Jones plummeted by 797 basis points, the NASDAQ fell into bear market territory, and the S&P 500 had its worst-performing session since October of 2020.
Stay up to speed with hot stocks' news!
While many of us were focussed on the drop in Lucid’s delivery figures for 2022, the company also made another intriguing announcement at its earnings call. Construction on Lucid’s second plant based in Saudi Arabia is set to begin at some point in the first half of 2022. This accelerates Lucid’s international expansion and likely makes Saudi Arabia one of its main consumer markets when the plant is ready. With soaring oil prices, we could see a rise in demand for companies like Lucid. Still, after such a dramatic cut in deliveries for this year, Lucid will need more orders to sustain two production plants.
Lucid Motors stock forecast
Dan Ives, a Wedbush analyst and noted Tesla (NASDAQ:TSLA) bull, is anticipating that the newly opened Berlin GigaFactory will be a difference-maker for the company. Ives refers to the red tape that Tesla had to get through as a major overhang for the stock, but now that it is open, he expects the stock to rise. Wedbush believes Tesla will hit 2 million vehicle deliveries in 2022, and Ives has maintained his price target for the stock at $1,400.
Like this article? Help us with some feedback by answering this survey:
- NASDAQ:LCID gained 2.39% during Monday’s trading session.
- Lucid’s new Saudi production plant could be a difference maker for the company.
- A noted Tesla bull says the Berlin GigaFactory changes things completely for the EV maker.
NASDAQ:LCID rebounded slightly to start the week as the company looks to move forward from a disappointing earnings report last week. Shares of LCID edged higher by 2.39% and closed the trading session at $23.17. Electric vehicle makers were in the spotlight again as skyhigh oil prices stemming from the situation in Ukraine, have piqued investor interest. The overnight prices of oil hit $130 per barrel on Monday which represented a thirteen-year high for the commodity. The Dow Jones plummeted by 797 basis points, the NASDAQ fell into bear market territory, and the S&P 500 had its worst-performing session since October of 2020.
Stay up to speed with hot stocks' news!
While many of us were focussed on the drop in Lucid’s delivery figures for 2022, the company also made another intriguing announcement at its earnings call. Construction on Lucid’s second plant based in Saudi Arabia is set to begin at some point in the first half of 2022. This accelerates Lucid’s international expansion and likely makes Saudi Arabia one of its main consumer markets when the plant is ready. With soaring oil prices, we could see a rise in demand for companies like Lucid. Still, after such a dramatic cut in deliveries for this year, Lucid will need more orders to sustain two production plants.
Lucid Motors stock forecast
Dan Ives, a Wedbush analyst and noted Tesla (NASDAQ:TSLA) bull, is anticipating that the newly opened Berlin GigaFactory will be a difference-maker for the company. Ives refers to the red tape that Tesla had to get through as a major overhang for the stock, but now that it is open, he expects the stock to rise. Wedbush believes Tesla will hit 2 million vehicle deliveries in 2022, and Ives has maintained his price target for the stock at $1,400.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.