Lucid (LCID) Stock Jumps 5% After Blowing Past Delivery Expectations

TLDR

Table of Contents

Lucid Group (LCID) stock surged over 5% in morning trading after reporting record Q2 vehicle deliveries of 3,309 units, up 38% year-over-year
The company produced 3,863 vehicles in Q2 but delivered only 3,309, creating an inventory surplus of 554 vehicles
New Gravity SUV sales drove the delivery growth, though production still outpaced demand
Trading volume exceeded 88 million shares in the first hour, with stock reaching intraday highs of $2.23
Lucid needs to more than double production in the second half of 2025 to meet its annual goal of 20,000 vehicles

Lucid Group stock climbed over 5% in morning trading Thursday following the release of its second-quarter production and delivery figures. The luxury electric vehicle maker delivered 3,309 vehicles in Q2, marking a 38% increase from the same period last year.

The stock opened at $2.075 and reached an intraday high of $2.23. Trading volume surged to over 88 million shares in the first hour alone, more than double the average daily volume of 129 million shares.

Lucid’s market capitalization stood at approximately $6.6 billion during the session. The rally came as broader markets also gained ground, with the S&P 500 up 0.8% and the Nasdaq Composite rising 1%.

The company produced 3,863 vehicles during the quarter ending June 30. This created an inventory surplus of 554 vehicles, suggesting demand may be lagging behind production capabilities.

Despite the inventory buildup, the quarter represented a record for Lucid. First-half deliveries totaled 6,000 vehicles, representing a 50% year-over-year increase.

Growth Driven by Gravity SUV Launch

The delivery growth stems primarily from sales of Lucid’s new Gravity SUV. The three-row luxury SUV entered production earlier this year as the company’s second model after the Air sedan.

The 2026 Gravity SUV is the new model that startup Lucid Motors has chosen to follow its beautiful Air luxury sedan. It has two electric motors that provide all-wheel drive, and Lucid is claiming the Gravity's maximum range is 450 miles per charge. Both two- and three-row… pic.twitter.com/ymYooZNOOj
— Car and Driver (@CARandDRIVER) June 18, 2025

However, Gravity sales have not yet reached the targets initially set by management. The company faces pressure to accelerate production to meet its 2025 goal of 20,000 vehicles.

Current production levels would require Lucid to more than double output in the second half of the year. The company produced approximately 7,700 vehicles in the first six months of 2025.

Market Position and Challenges

Lucid operates in the luxury segment of the EV market, competing with high-end Tesla models and traditional luxury brands. The company’s vehicles carry premium pricing that limits mass-market appeal.

The stock performance contrasts with struggles at other EV manufacturers. Tesla and Rivian have both reported declining delivery numbers in recent quarters.

Analysts maintain a one-year price target of $2.53 for LCID shares. The company’s next earnings report is scheduled for August 5, 2025.

Lucid’s gross margin remains deeply negative at -105.68%, reflecting the challenges of scaling production. The company continues to burn cash as it ramps manufacturing operations.

The broader EV market has shown signs of softening demand in recent months. Traditional automakers have scaled back some electric vehicle plans, while several EV startups have faced financial difficulties.

Trading activity suggests renewed investor interest in Lucid’s prospects. The heavy volume indicates institutional participation in Thursday’s rally.

Lucid’s 52-week trading range spans from $1.93 to $4.43, with Thursday’s gains moving the stock toward the middle of that range.

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