Lucid Group stock price jumped sharply on Tuesday after the company received a Guinness World Record. LCID jumped to a high of $2.30, its highest point since May 30th, and nearly 20% above the lowest point this year.
Lucid Group stock jumps after Guinness World Record
The main catalyst for the LCID stock price surge was the company’s achievement of a Guinness World Record. This happened after the company’s vehicle took a 747-mile or 1,200-kilometer trip on a single charge. It did that by traveling from St. Moritz and Munich. The company said:
“Our Lucid products combine world-class vehicle efficiency with the most advanced drive units, ultra-high voltage architecture, and battery management technology available today.”
The new milestone may help to boost Lucid Group’s sales over time since range anxiety is one of the biggest concerns that people have. For example, the longest range Tesla is the Model S, which has a 405 EPA estimated range, while BYD Tang has a 530-mile range.
Lucid achieved the milestone a few days after it announced its June and second-quarter vehicle deliveries. It produced 3,863 vehicles and delivered 3,309 vehicles. For the first six months of the year, the company delivered 6,418 vehicles.
These deliveries were higher than those it made in the same period last year when it delivered 2,394 vehicles. These deliveries were higher than expected, and is a sign that the company is seeing strong demand.
The challenge, however, is that the company and other EV companies is that their growth may slow after Donald Trump signed the Big Beautiful Bill into law. This bill removes the $7,500 tax credit that customers receive now when they buy American-made EVs.
LCID earnings ahead
The next important catalyst for the Lucid Group will be EV earnings tht starts in less than two weeks. Tesla will go first and set the tone for what to expect in the industry.
Lucid Group’s quarterly results will come out on August 5. Yahoo Finance data shows that analysts expect its results to indicate a 43% increase in revenue to $288 million.
They also expect the company to narrow its loss, with earnings per share coming in at a loss of 22 cents, down from 31 cents last year. Its annual revenue will be $1.39 billion, up by 71% from a year earlier. The recently launched Gravity SUV will drive this revenue growth.
Lucid Group made $235 million in the first quarter, an increase from the $172 million it made last year. It also narrowed its loss to $366 million from $680 million a year earlier.
Lucid Group share price analysis
LCID stock chart | Source: TradingView
The daily chart shows that the LCID stock price has been in a downtrend in the past few years. It then bottomed at $1.93, where it failed to move below in November last year, March, and July this year.
Lucid Group stock has remained below the 50-day and 100-day moving averages. Most notably, it has formed a descending triangle pattern, a popular bearish continuation sign.
Therefore, the stock’s outlook is neutral for now. A move below the lower side of the triangle pattern will indicate further downside. On the other hand, a move above the descending trendline will confirm a bullish breakout and point to more gains to $4.42.
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