Lucid Stock Charges Up Premarket Despite Q2 Miss: What's Driving It?

Lucid Group, Inc. LCID shares rose in premarket trading on Tuesday, defying the broader market’s negativity.

The luxury EV maker reported second-quarter revenue of $151 million, trailing the consensus of $175.01 million. The loss per share for the quarter of $0.40 missed the consensus estimate of $0.33.

The positive sentiment is likely due to the company maintaining production guidance unchanged at 10,000 units. So far in the first half the company delivered 2,810 EVs and produced 4,487 units.

Lucid also said it had $6.25 billion in liquidity, which could see it through 2025 without the need for additional capital.

The company reaffirmed the timeframe for the launch of its first SUV, Gravity, in November.

In premarket trading on Tuesday, Lucid shares rose 3.90% to $6.66, according to data from Benzinga Pro.

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