Why Did Lucid Stock Jump 20% This Week?
Yahoo Finance ·
Lucid Group ( LCID 8.30% ) announced Q2 electric vehicle (EV) production and deliveries, and missed expectations by a wide margin. That wasn't the big news from the company this week, though. Lucid also now appears to have a turnaround plan in place, and that has investors hoping the stock has bottomed. Shares jumped 21% over the past five trading days, even as Lucid stock ended the week on a down note, according to data provided by S&P Global Market Intelligence . In the second quarter, Lucid announced that it produced 4,774 EVs and delivered just under 4,000 vehicles. The number of deliveries fell short of Wall Street's expectations of 5,000 units, according to FactSet . Investors, though, focused on the bigger picture as new CEO Silvio Napoli thinned out executive-level positions and brought in new talent. Napoli announced a new CFO, chief technology officer, chief customer officer, and chief transformation officer.
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