Lucid stock extends bounce after EV production was in line with expectations, full-year target affirmed

Shares of Lucid Group Inc. LCID, +2.29% rallied 2.9% in premarket trading Wednesday, after the electric vehicle maker said it produced 2,282 vehicles during the third quarter, more than triple the number produced in the second quarter. The company said it delivered 1,398 vehicles during the latest quarter. Lucid said its production and delivery performance was in line with its expectations, which puts it on track to achieve its 2022 production target of 6,000 to 7,000 EVs. Lucid’s stock had bounced 1.4% on Tuesday, after tumbled 19.0% over the previous four sessions to close Monday at the lowest price since it went public in July 2021, after completing its merger with special purpose acquisition company (SPAC) Churchill Capital Corp. IV. Lucid shares have plunged 34.6% over the past three months through Tuesday while the S&P 500 SPX, +0.25% has dropped 24.7%.