LCID Stock News: Lucid Group Inc hits cruise control as Wall Street approves outlook

NASDAQ:LCID gained 23.71% during Tuesday’s trading session.
Lucid confirms that it still plans to produce 20,000 more vehicles next year.
Tesla and Rivian also rip higher as the EV sector stays hot.

Stocks Reporter FXStreet

NASDAQ:LCID had a day for the ages on Tuesday, as investors and Wall Street approved its first quarterly earnings call as a public company. The news has been overwhelmingly bullish for Lucid as of late, which includes being awarded the MotorTrend 2022 Car of the Year award for the Lucid Air sedan. Shares of Lucid soared on Tuesday, climbing by 23.71% to close the session at $55.52. The gain in stock price allowed Lucid to surpass iconic automaker Ford (NYSE:F) in terms of its market cap, as Lucid is now worth nearly $90 billion.

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One of the major announcements that resonated with investors from Monday’s earnings call is that Lucid is still on track to produce at least 20,000 more vehicles in 2022. Lucid also reiterated that its AMP-1 production facility in Arizona is upgrading to allow for a capacity of 34,000 vehicles produced per year by the end of this year, and up to 90,000 vehicles annually by 2023. Questions about the sustainability of the luxury EV market are clearly being answered by Lucid, as the company now boasts more than 17,000 reservations on its books.

LUCID motors stock forecast

Lucid wasn’t the only EV stock flying higher on Tuesday, as Tesla (NASDAQ:TSLA) rebounded nicely following an announcement that investor Michael Burry had exited his short positions. Newly public Rivian (NASDAQ:RIVN) was also charging up as the company gained a further 15.16% on Tuesday, to give the electric truck maker a market cap of $146 billion. Shares of Rivian are now up over 70% since its IPO date and is the third-largest automaker in the world by market cap.

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FXStreet

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