Lucid Group Inc (NASDAQ:LCID) shares are trading higher on Monday in potential reaction to bullish commentary from a company executive.

What Happened: According to an Elektrek report citing an interview with Fox Business, Lucid is seeing a “dramatic uptick” in orders from former Tesla Inc (NASDAQ:TSLA) customers.

Lucid interim CEO Marc Winteroff reportedly said at the end of last week that 50% of orders over the past two months have come from former Tesla drivers. He cited “negative feelings” about Tesla CEO Elon Musk as the main reason for the acceleration in interest in Lucid vehicles.

Tesla property has been vandalized in recent months in response to Musk’s involvement with the Department of Government Efficiency and close ties to the Trump administration. Tesla shares are down about 35% year-to-date on rising investor concerns about permanent brand damage.

Winteroff reportedly said that Tesla owners are looking at all options to get rid of their Teslas. Although former Tesla owners have “always been a source” of new customers for Lucid, more and more owners have been looking to make the switch in recent months, he added.

Lucid reported fourth-quarter financial results near the end of February that came in ahead of analyst expectations. The EV maker said it produced 3,386 vehicles in the fourth quarter and delivered 3,099 vehicles. Lucid expects to produce approximately 20,000 vehicles in 2025.

LCID Price Action: Lucid shares were up 4.74% at $2.43 at the time of publication Monday, according to Benzinga Pro.

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Photo: courtesy of Lucid.