Lucid’s stock surged over 7% as the company benefited from the boycott campaign against Tesla, which has recently faced incidents of electric vehicle arson.
On Monday, Lucid’s shares soared 7.46% to $2.45 on the New York Stock Exchange.
This uptick comes as American electric vehicle consumers, reacting to a series of arson attacks on Tesla cars, are selling their Teslas and turning to Lucid as an alternative.
Lucid has recently launched its SUV, Gravity, which has been well-received in the market.
CEO Marc Winterhoff stated that they are seeing a significant influx of buyers for both our Gravity and Air, as customers are actively seeking alternatives to Tesla.
He added optimistically that if everything progresses as planned, Lucid could potentially sell 200,000 vehicles by year-end.
Meanwhile, Tesla’s stock dropped over 2% after Wedbush Securities slashed its price target by 43%.