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.

Stay up to speed with hot stocks' news!

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.

Author

Stocks Reporter

FXStreet

British Pound eases to 1.3450 area following downwardly revised Manufacturing PMI data

The British Pound is trimming previous gains against the US Dollar on Monday, returning to the mid-range of the 1.3400s down from fresh seven-week highs, above 1.3500 earlier on the day. Weaker-than-expected UK manufacturing data added pressure on the Pound, which rallied at the Asian session opening, amid news of a halt to the hostilities in Iran.

EUR/USD challenges 1.1500 on Dollar’s recovery

EUR/USD now accelerates its downtrend and comes closer to the 1.1500 level on Monday. The pair’s correction follows the decent improvement in the US Dollar amid solid data US releases and easing concerns on the geopolitical front.

Gold: The $4,000 mark holds the downside for now

Gold adds to Friday’s pullback, although it remains well underpinned by the key $4,000 threshold per troy ounce on Monday. The US Dollar’s inconclusive price action seems enough to cap the yellow metal’s potential upside, although renewed hopes for a US-Iran peace deal and fading expectations of a Fed rate hike could limit the Greenback’s recovery.

Ethereum Price Forecast: BitMine extends share buyback spree, scoops over 10K ETH

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) continued its share buyback spree last week after repurchasing 4.5 million shares of its common stock. This purchase brings the total stock buyback since July 1 to 16.1 million shares, part of a previously authorized $4 billion repurchase plan.

AI defies the disinflationary playbook: Why lower oil prices might not be enough to cool core inflation

The global economic landscape has been fixated on the Middle East since the US-Iran war started in late February, reacting to significant changes in crude Oil prices and assessing how they could influence inflation dynamics and growth outlook.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.