Lucid Motors starts production of the Gravity SUV: Stock soaring

The shares of electric vehicle manufacturer Lucid Motors increased by an impressive 10% on Friday, closing at $2.30. The price surge is attributed to the start of production of the new model, the Gravity SUV, at the company's factory in Arizona. With a trading volume of 150.3 million shares, Lucid recorded the biggest trading day since November last year, significantly surpassing the three-month average of 55 million. Despite this upswing, the stock is still down about 45% year-to-date, although it has recovered by nearly 20% since hitting a low in mid-November. The company's current market value is just under $7 billion. In November, Lucid delivered 712 vehicles in the US, representing a 45% increase year-over-year and a growth of 6.3% compared to the previous month. During the presentation of the third-quarter results, the company confirmed its annual forecast of 9,000 units. Lucid's CEO, Peter Rawlinson, emphasized that the market for the Gravity SUV is five times larger than that for the luxurious Air sedan. However, there is currently no specific date for when the Escalade model will be available in the US. In another personnel change, Lucid's European Managing Director, Alexander Lutz, has left the company. He is succeeded by Lawrence Hamilton, who previously worked for Hyundai's luxury brand Genesis in Europe.