Lucid Group (NASDAQ:LCID) gained in trading after the manufacturer of luxury electric vehicles announced its Q1 production and delivery numbers.
The company produced 1,728 vehicles and delivered 1,967 EVs during Q1. The company’s vehicle deliveries soared 40% year-over-year and this indicated that LCID was on track to hit Wall Street’s estimates for 9,000 vehicle deliveries this year.
In addition, the EV maker announced that it expects to announce its Q1 results on May 6.
Last month, the company announced that it had secured $1 billion in investment from its majority stockholder, Ayar Third Investment Company, to boost its liquidity.
Is LCID Stock a Good Buy?
Analysts remain sidelined about LCID stock. They have maintained a Hold consensus rating based on one Buy, six Holds, and two Sells. Over the past year, LCID stock has declined by more than 65%, and the average LCID price target of $3.21 implies an upside potential of 18.9% at current levels.
