Shares of Lucid Group Inc. LCID jumped 4.5% toward a fifth-straight gain and a one-month high in morning trading Thursday, after the California-based luxury electric vehicle maker produce more EVs than expected last year. The stock has run up 32.6% over the past five sessions, and has climbed 34.4% since closing a record low $6.17 on Jan. 3. If the stock closes up, it would be the longest win streak since the five-day stretch that ended Sept. 21, 2021. The company said before the opening bell that it produced 3,493 vehicles during the quarter ended Dec. 31,, up 53% from the previous quarter, and delivered 1,932 vehicles. For the 2022, Lucid said it produced 7,180 vehicles, compared with previously provided guidance of 6,000 to 7,000 vehicles, and delivered 4,369 vehicles. The company is scheduled to report full fourth-quarter results on Feb. 22. The stock has slumped 36.7% over the past three months, while shares of rival Tesla Inc. TSLA have dropped 44.8% and the S&P 500 SPX has rallied 11.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.