Lucid Stock Rises After EV Maker Reports 70% Delivery Growth [Video]

Shares of Lucid Group (LCID) rose Monday after the electric vehicle maker announced robust second-quarter delivery numbers.

The Newark, Calif.-based company delivered 2,394 vehicles in the quarter, a roughly 70% increase year-over-year, it said Monday. Lucid produced 2,110 vehicles in the same span.

Lucid’s shares were recently up about 4%. If that holds, the stock would close Monday at its highest level since mid-May.

The company’s share price has taken a beating, losing roughly 60% over the past year and dropping to an all-time intraday low of $2​​.29 in April, as investors have expressed concern about the company’s financial performance

Lucid said it would release its latest quarterly results on August 5.

Lucid’s results follow positive delivery numbers from Tesla (TSLA) announced last week Elon Musk’s EV giant delivered 443,956 vehicles in the second quarter, ahead of analysts’ consensus of about 439,000. Tesla’s stock gained 27% last week