Thursday seems a mighty fine day to own automotive stocks, as positive economic data combine with company-specific news to lift shares of Tesla (NASDAQ: TSLA), Lucid Group (NASDAQ: LCID), and Toyota Motor (NYSE: TM) stocks. Through 10:20 a.m. ET, Tesla gained 6.2%, Lucid 3.5%, and Toyota 2.5%.
Economic data started the day’s rally, with U.S. retail sales in July up 1% — three times what economists predicted, with automotive sales contributing 0.6% of that.
And now for company news.
Cybertruck wins
Let’s start with Tesla. According to Kelley Blue Book, Tesla’s $111,000 Cybertruck became the best-selling $100,000-plus vehicle — electric vehicle (EV) or otherwise — in America last month. Kelley Blue Book said powerful Cybertruck sales helped reverse a slide in Tesla’s average selling price (ASP).
Tesla’s ASP rose 11% year over year in July, hitting its highest level since February 2023. And Kelley Blue Book noted that Cybertruck isn’t the whole story. Model Y ASPs rose 5% from January 2024, and Model 3 prices rose 30%.
Lucid throws shade on Tesla
Impressive numbers for Tesla investors — but it’s not the only company bragging. Remember last month, when Lucid boasted that its 2025 Lucid Air Pure EV is “the most efficient and thus most sustainable vehicle made, with 420 miles of EPA-estimated range”? Well, it seems Lucid is still banging that drum.
In a post on LinkedIn last week, Lucid CEO Peter Rawlinson quantified Lucid’s efficiency lead over Tesla. If Tesla continues improving its efficiency at historical rates, says Rawlinson, it won’t catch up to Lucid until 2032.
Toyota chimes in
Last but not least: Toyota. While Tesla and Lucid take turns tailgating each other in the left lane, Toyota is sliding right to pass the EV stars by emphasizing hybrid engines. Chairman Akio Toyoda sees EVs topping out at 30% market share worldwide. Seeing the remaining 70% as a bigger opportunity, Toyota is going model by model and making more and more of its cars “hybrid-only.”
Time — and Toyota’s stock price — will tell if that’s the right approach.
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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.
Why Tesla, Lucid, and Toyota Motors Stocks Raced Higher Today was originally published by The Motley Fool
Source: finance.yahoo.com