While the last 12 months haven’t been kind to the entire electric vehicle (EV) industry, with even the biggest players such as Tesla Motors (NASDAQ: TSLA) counting results that weren’t as bad as expected as successes, few companies have been as hard-pressed as Lucid Group (NASDAQ: LCID).
Indeed, LCID has apparently been taking defeat after defeat as its shares plummeted from 2021 highs above $50 to $8.30 in the summer of 2023 to $3.18 at press time on July 9, 2024.
The contrast between the triumphs of 2021 and the struggles of more recent months is perhaps best exemplified by the difference between expected 2024 delivery figures and the EV maker’s actual achievements.
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In a 2021 presentation, Lucid said it expects to deliver as many as 90,000 vehicles in 2024.
Though it is still technically possible for the car maker to achieve this goal as it is only July, it remains highly improbable as recent reports show the firm has delivered 4,361 vehicles in the first half of the year.
Such a contrast in figures means that Lucid has underperformed by 91.11% compared to its initial public offering (IPO)-era growth forecast.
Lucid Group still has a chance to make a comeback
While Lucid’s most recent delivery report is undoubtedly weak compared to 2021 predictions, it is nonetheless not a reason to completely give up on the company.
Indeed, having shipped 2,394 EVs in the second quarter (Q2) of 2024, Lucid beat the previous record that it set by delivering 1,967 vehicles in the first quarter of 2023.
The new record – and the return of optimism likely to be associated with it – is well reflected in the stock market.
Though LCID shares are still firmly in the red in the year-to-date (YTD) chart, their recent performance has been significantly better. In the last 30 days, Lucid’s stock rose 16.48%, and the last full week of trading saw it surge 10.10%.
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