Toronto, Ontario — In this weekly Tuesday Ticker, Rivian stocks see a near 15 percent gain over five days, with exorbitant growth on Friday. Plus, Lucid sees stocks surge—and drop again—following positive comments from its CEO.
Rivian making gains
Shares of Rivian are up 13 percent over the last five days, following citations of a Sunday evening trading session that saw “more shares changing hands than in a normal session,” according to Yahoo Finance’s market analysts.
As of Monday at 1 p.m. ET, shares of Rivian traded at US$17.50 per share; down three percent from market open, but up 59.90 percent over the last month of trading.
Last Friday, July 12, marked Rivian’s sixth consecutive day of market gains. Analysts believe the recent surge to be a product of not only Rivian’s cost-reduction strategies but also Volkswagen’s capital investment, which has indicated to investors that Rivian is ready to grow.
The EV maker, based in California, U.S., has also announced new Generation 2 models in recent months, with plans to reduce production material costs by 20 percent. Rivian’s R2 model is expected to slice prices by up to 45 percent, compared to the Gen 2 R1.
Rivian will report its financial results for the quarter ending June 30, 2024, on August 6 at 2 p.m. Pacific Time (5 p.m. ET).
Lucid on a see-saw
It’s been an up-and-down few days for Lucid stock as the EV automaker reported surging stocks on Friday, followed by a 13 percent drop during Monday morning trading.
Friday’s trade day saw Lucid rise 19.88 percent between market open and close. Though, as of 1 p.m. ET Monday, shares of Lucid traded at US$3.68 per share; up 18.65 percent over the last five days and up 41.19 percent over the last month.
The surge Friday is believed to have been spurred by Lucid CEO Peter Rawlinson’s confident comments about the brand and its partnership with the Saudi Arabia Public Investment Fund (PIF), which serves as the automaker’s majority shareholder. Better-than-expected vehicle delivery numbers are also believed to have contributed to positive growth; Lucid produced 2,110 vehicles in Q2 2024 and delivered 2,394 vehicles during the same period. In Q1 2024, Lucid had produced 1,728 vehicles
The gains were somewhat slashed on Monday morning when analysts reiterated a price target of US$4 per share for Lucid, which has its headquarters in Newark, California.
Lucid will report its Q2 2024 financial results upon market close on August 5.
