Breaking: Lucid Surges as EV Maker Exceeds Q1 Delivery Forecasts

Shares of electric vehicle manufacturer Lucid Group (LCID) climbed 2.8% to $2.71 after the company surpassed Q1 delivery estimates. Lucid delivered 1,967 vehicles in the first quarter, surpassing analysts' expectations of 1,745, according to a poll conducted by Visible Alpha.

However, the company produced 1,728 vehicles, falling short of Visible Alpha's estimates of 2,123 and down from 2,391 in the previous quarter. Despite this production shortfall, Lucid's stock had fallen 37.3% year-to-date up to the last close.

Investors reacted positively to the news of Lucid's strong delivery performance, indicating continued confidence in the company's growth trajectory amidst challenges in production.