Lucid Group (NASDAQ: LCID) stock surged during intraday trading on Wednesday due to positive market sentiment following Tesla’s strong Q2 delivery numbers.
Tesla (NASDAQ: TSLA) reported second-quarter deliveries of 443,956 units this week, beating the consensus estimate of 439,300. The latest figure marks a 14.77% increase quarter-over-quarter and a year-over-year decline of 4.76%. Tesla’s results outperformed analyst expectations and sparked a rally across various electric vehicle (EV) stocks, including Lucid.
LCID stock has seen strong performance throughout the week. The momentum began on Monday after the EV maker announced it had resolved a trademark dispute with Gravity Inc. The agreement permits Lucid to use the “Lucid Gravity” brand without infringing on Gravity’s pre-existing trademark, thus avoiding potential legal complications.
The next significant event for Lucid will be its quarterly earnings report, anticipated in early August.
Lucid (NASDAQ: LCID) Stock Reaction
LCID stock jumped 7.27% on Wednesday, closing at $2.95, marking a 13.46% increase for the week. The trading volume was 34,570,436 shares, higher than the average daily volume of 22.25 million.
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