Why Tesla, Lucid and Toyota Motors Shares Soared Today

Thursday looks like a great day to own auto stocks as positive economic data combines with company-specific news to lift stocks adze (TSLA 6.62%), The Lucid Group (LCID 2.72%)and Toyota engine (TM 2.56%) stocks. By 10:20 a.m. ET, Tesla had gained 6.2%, Lucid 3.5% and Toyota 2.5%.

Economic data kicked off the day’s rally, with US retail sales in July rising 1% — three times more than economists had predicted, with auto sales contributing 0.6% of that.

And now for the company news.

Cybertruck wins

Let’s start with Tesla. According to Kelley Blue Book, Tesla’s $111,000 Cybertruck became the best-selling vehicle over $100,000 — electric vehicle (EV) or otherwise — in America last month. Kelley Blue Book said strong Cybertruck sales helped reverse a decline 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 the Cybertruck isn’t the whole story. Model Y ASP is up 5% from January 2024, and Model 3 prices are up 30%.

Lucid casts a shadow over Tesla

Impressive numbers for Tesla investors — but it’s not the only company boasting. Remember last month when Lucid boasted that the 2025 Lucid Air Pure EV is “the most efficient and therefore most durable vehicle ever made, with an EPA-estimated 420 miles of range”? Well, it looks like Lucid is still beating that drum.

In a LinkedIn post last week, Lucid CEO Peter Rawlinson quantified Lucid’s efficiency advantage over Tesla. If Tesla continues to improve efficiency at historic rates, Rawlinson says, it won’t touch Lucid until 2032.

Toyota intervenes

Last but not least: Toyota. As Tesla and Lucid take turns in the left lane, Toyota slides to the right to overtake the EV stars by emphasizing hybrid engines. Chairman Akio Toyoda sees electric vehicles surpassing a 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 this is the right approach.