Why Lucid Stock Popped on Friday

Lucid Group (NASDAQ: LCID) stock got a 3% lift through 10 a.m. ET Friday after the company announced this morning that its new Lucid Gravity Grand Touring luxury electric car is available to order in Canada, and that a slightly less expensive Lucid Gravity Touring model will go on sale later this year.

According to the press release, the Grand Touring model will have a starting MSRP of 134,500 Canadian dollars (that's a little over $95,000). The mere Touring model will cost CA$113,500, or closer to $80,000.

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Lucid's "big" news

How important is this news to Lucid? Well first and foremost, it's not really news. Lucid actually already announced Canadian pricing on both these car models last month. It also confirmed the Touring model's availability "in late 2025," and promised the Grand Touring model would be open for Canadian sale "soon."

The only real change here is that "soon" just became "today." As in, today shoppers can log onto Lucid's website and begin configuring the electric vehicle (EV) of their dreams, for later delivery. Oh, and also that both models of the Lucid Gravity will come with chargers that enable them to access Tesla's Supercharger network without an adapter.

Is Lucid stock a buy?

So will this news be big enough to move the needle and make Lucid stock a buy? Honestly, I kind of doubt it. Lucid announced last month that it sold 3,099 vehicles in Q4, and 10,241 in all of 2024. So the sales volume is inching higher, but not by much.

Opening the Canadian market to new Gravity sales could help grow volume, but given that Canada is kind of cold, and EVs in general are known to not function terribly well in cold weather, I wouldn't expect a huge sales lift.

Meanwhile, Lucid continues to lose money -- $3 billion over the last year -- and burn cash at the rate of $2.8 billion per year. With only $3.5 billion in the bank and $2.4 billion in debt, Lucid stock still looks pretty iffy to me.

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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.