Why Lucid Stock Jumped 9% Today

Shares of luxury electric car maker Lucid Group (NASDAQ: LCID) soared the first trading day of 2022, gaining as much as 9.2% as of 2:45 p.m. ET Jan. 3. Sales of electric vehicles (EVs) are exploding, and that's propping stocks higher across the board. Lucid, fresh off a strong analyst rating that's already boosted expectations for investors, couldn't be left far behind.

Leading EV makers just announced their latest monthly delivery numbers, but none could come even close to Tesla's (NASDAQ: TSLA) performance. Tesla didn't just deliver a record number of 308,600 vehicles in the fourth quarter but crushed analysts' estimates by a huge margin. The numbers coming in from the world's largest EV market, China, are equally impressive. Nio, for example, reported a 50% growth in its deliveries for the month of December, while XPeng and Li Auto reported nearly 180% and 130% jumps in December deliveries, respectively.

Image source: Lucid Group.

Source Fool.com