Lucid Stock Is Moving Higher Monday: What's Going On?

Lucid Group Inc LCID shares are trading higher Monday after the company announced production and delivery numbers for the second quarter and scheduled its earnings report date.

What Happened: Lucid announced production and delivery totals for the quarter ended June 30. The company said it produced 2,110 vehicles and delivered 2,394 vehicles during the quarter. For comparison, Lucid said it produced 1,728 vehicles and delivered 1,967 in the first quarter.

Lucid also scheduled its second-quarter earnings report date for Aug. 5. Analysts currently expect the EV maker to report a loss of 25 cents per share on revenue of $168.358 million, according to Benzinga Pro.

Last quarter, Lucid beat top-line estimates, turning in revenue of $172.8 million, which was ahead of estimates of $156.99 million, but the EV maker missed earnings estimates, reporting a loss of 30 cents versus estimates for a loss of 25 cents.

Lucid ended the first quarter with approximately $5.03 billion in total liquidity and said it continued to make significant progress on its cost optimization programs.

“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world,” CEO Peter Rawlinson said at the time.

Lucid shares are now up more than 11% over the last week. Last Monday, Lucid shares rallied after Lucid said it reached an agreement with Gravity Inc regarding use of the "Lucid Gravity" trademark. The agreement helped the company avoid a trademark dispute.

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LCID Price Action: Lucid shares were up 9.22% at $3.20 at the time of publication, according to Benzinga Pro. 

Photo: courtesy of Lucid.