What happened
It’s been a really tough month for Lucid Group (LCID 14.79%) shareholders entering today’s trading session. The stock is down more than 30% in the past month, but today’s market jump sharply started the month-long decline. As of 2:53 p.m. ET, shares of Lucid were up 15%, after rising nearly 17% earlier in the day.
So what
Much of today’s jump comes as the global market returns to favor higher risk growth stocks. The rally also stems from relief that Lucid and other early-stage electric vehicle (EV) companies that recently released quarterly updates maintained their guidance for 2022. But Lucid also had news specific to the company today, with the opening of its first European studio.
Image source: Lucid Group.
Now what
Along with the studio, Lucid announced that it would make its first vehicles available on the European market. The company will start by offering the two Air Dream Edition models – the Range and Performance editions.
These models will retail in Germany for the equivalent of approximately $226,000, including 19% value added tax and other fees. The Dream Edition Performance delivers over 1,100 horsepower, while the range is rated at around 560 miles of range on a single charge.
Lucid expects initial Dream Edition deliveries to begin in Europe in late 2022, along with more pricing and delivery details for its other models. The company plans to continue expanding across Europe and says it chose its initial locations based on charging infrastructure, as well as market acceptance and size.
The official start of the move to Europe gives investors a reason to jump in on the action today, as the market seems to sense that the decline of many EV names has gone quite far.
