Zinger Key Points
- Lucid Group reports lower vehicle production but higher deliveries for Q1 2024 compared to the previous year.
- Earlier, majority stockholder Ayar Third Investment said it will invest $1B in Lucid via private placement for general corporate purposes.
- Get 5 stock picks identified before their biggest breakouts, identified by the same system that spotted Insmed, Sprouts, and Uber before their 20%+ gains.
Lucid Group, Inc. LCID shares are trading higher on Tuesday. The company said it produced 1,728 vehicles for the quarter ended March 31, 2024, significantly lower than 2,314 vehicles in the year-ago period.
The company delivered 1,967 vehicles during this period, higher than 1,406 vehicles for the quarter ended March 31, 2023.
Last month, the company was in the headlines for inking an agreement with its majority stockholder, Ayar Third Investment Company.
Ayar, an affiliate of the Public Investment Fund (PIF), will purchase $1 billion of newly created series of convertible preferred stock via private placement.
Lucid intends to use the net proceeds from the private placement for general corporate purposes, including capital expenditures and working capital.
According to Benzinga Pro, LCID stock has lost over 65% in the last one year. Investors can gain exposure to the stock via First Trust NASDAQ Clean Edge Green Energy Index FundQCLN and VanEck Green Infrastructure ETFRNEW.
Price Action: LCID shares are trading higher by 4.7% to $2.76 on the last check Tuesday.
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