Shares of Lucid Group (NASDAQ: LCID) were trading sharply higher on Monday, just days after the company began production of its long-awaited second luxury electric vehicle.
As of 1 p.m. ET, Lucid’s shares were up about 13.1% from Friday’s closing price.
Shares of many companies in the electric vehicle space were trading higher on Monday as investors’ concerns about the incoming Trump administration’s plans to cut EV tax credits seemed to recede.
It’s worth noting that those concerns were always overblown with Lucid. For the most part, the company’s luxury models are too expensive to be eligible for existing EV buyer tax credits. And as CEO Peter Rawlinson pointed out last month, the typical Lucid buyer’s income is too high to qualify anyway.
More positively for Lucid itself, Rawlinson confirmed late last week that production of Lucid’s second model, the big Gravity luxury SUV, has begun on schedule.
Production of Lucid’s new Gravity SUV began at its Arizona factory late last week. Image source: Lucid Group.
The Gravity is expected to draw new customers to the brand — well-heeled buyers who might admire Lucid’s class-leading EV technology, but who want or need something larger than the company’s acclaimed Air sedan.
Investors won’t have to wait long for an update from the company. Lucid said on Monday that it will participate in a “fireside chat” at Nasdaq‘s Investor Conference in London on Wednesday, Dec. 11.
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