LCID Stock News: Lucid Group Inc pushes higher following earnings call, MotorTrend award

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  • NASDAQ: LCID gained 2.16% during Monday’s trading session.
  • Lucid announced its third quarter financial results on Monday.
  • The Lucid Air takes home MotorTrend’s Car of the Year.

NASDAQ:LCID investors had a lot to celebrate on Monday as the luxury electric vehicle maker kicked the week off in style. Shares of LCID gained 2.16% on Monday, and closed the first trading session of the week at $44.88. The move coincided with President Biden officially signing his bipartisan infrastructure plan into law which will provide billions of dollars in funding for the electric vehicle industry. All three major indices closed the day flat though, with the Dow Jones and the NASDAQ trimming 0.04% apiece, and the S&P 500 ending the session unchanged. It was another slow session for growth stocks, particularly with EV industry leader Tesla (NASDAQ:TSLA) falling by a further 1.94% to start the week. 

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Lucid announced its third quarter financial results on Monday. The company reported that it saw a significant increase in customer reservations, growing from 13,000 at the start of the quarter to 17,000 currently. This represents an impressive order book of $1.3 billion, as the company continues to work towards strengthening its balance sheet and re-investing into production infrastructure. Understandably, Lucid’s first official earnings call as a publicly traded company was more about highlighting recent accomplishments and outlook for the rest of the year.

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The Lucid Air received another feather in its cap on Monday, after the luxury EV was named the MotorTrend 2022 Car of the Year. It is the first time in the award’s history that the first vehicle produced by a brand has won the award, and the timing of the announcement couldn’t have been better. MotorTrend has been among the publications that has given the Lucid Air a glowing review, and there could be more accolades on the way.