The broader EV stock market has experienced a significant rally after most carmakers reported delivery numbers that exceeded expectations, with Lucid (NASDAQ: LCID) shares pulling in a substantial 52.11% increase over the past month.
Of these, 28.06% came in the previous five trading sessions, supported by the latest training session, which added 3.82%, setting LCID stock price at $3.94 on July 17.
So what exactly drove up this rally from the California-based EV maker?
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The most recent gains by Lucid stock were from an announcement
In a press release on July 16, Lucid announced that the 2025 Lucid Air Pure is “the most efficient and sustainable vehicle,” boasting an EPA-estimated range of 420 miles.
The car features a standard heat pump to mitigate the effects of temperature on the range, and its price remains unchanged from last year at $69,900.
However, the accuracy of range claims is often debated. For instance, BYD in China claims its hybrid EV can drive 1,305 miles without recharging.
A Car and Driver article also suggested that Air Pure’s real-world range is closer to 310 miles.
Despite this, Lucid maintains that Air Pure achieves a landmark fuel efficiency by converting each kilowatt hour into five miles of range, a claim that has positively influenced investor sentiment.
Growing delivery numbers drove the previous month’s gains in Lucid stock
Shares of Lucid Group surged on July 8 after the electric vehicle maker reported a significant increase in second-quarter deliveries.
The California-based company delivered 2,394 EVs by June 30, marking a 70.5% increase from the previous year.
Despite a slight 2.9% decline in production to 2,110 EVs, this reduction may ease concerns about a potential oversupply amid slowing demand.
LCID stock rose as much as 66.18% since hitting a record low of $2.38 on April 22, which could present recovery progress for the broader industry and this electric vehicle maker.
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