- NASDAQ:LCID starts the week with a positive footing despite a dismal market's mood,
- EV Stocks rise to close July as Tesla recovers from earnings selloff.
- Lucid releases new details about its upcoming Gravity SUV.
Update July 2: NASDAQ:LCID posted a modest advance on Monday, adding 0.21% to finish the day at $23.77 per share. The modest advance becomes more relevant when considering Wall Street ended the day mostly in the red. The NASDAQ Composite was the only index that closed in the green, adding 8 measly points. Investors rushed into the safety after the release of softer than anticipated US data. The ISM Manufacturing PMI contracted to 59.9 in July, backing speculation of slowing economic comeback.
NASDAQ:LCID finished its first full week of trading on a positive note, snapping a three-day losing streak following its merger with CCIV. Shares of Lucid gained 1.58% on Friday and closed the final trading day of July at $23.72. Lucid outpaced the broader markets which failed to gain any traction on Friday following the earnings disappointment from Amazon (NASDAQ:AMZN) and Pinterest (NASDAQ:PINS), as well as Facebook (NASDAQ:FB) and PayPal (NASDAQ:PYPL) earlier in the week. The tech sector weighed heavily on the S&P 500, although the benchmark index did manage to finish July in the green, posting its sixth consecutive month of gains.
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The electric vehicle sector in general was able to buck its trend from earlier in the week. Industry leader Tesla (NASDAQ:TSLA) extended its gains from Thursday, as the stock finally recovered from the sell off following its earnings call on Monday. Tesla gained 1.45%, Nio (NYSE:NIO) added 4.83%, and XPeng (NYSE:XPEV) climbed 6.38% as the latter two saw a continued revival of Chinese listed ADRs.
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The Lucid Gravity is still in prototype mode but we do know that the SUV will be built upon the same frame as the Lucid Air sedan. Although production is not slated to begin until next year at the earliest, the electric vehicle world is already anticipating the newest Lucid model. The vehicle will no doubt compete with Tesla’s Model X, as well as SUV models from Audi, Volvo, and Volkswagen. The SUV market is hot in China as well, with compact SUV offerings from XPeng, Li (NASDAQ:LI), and Nio.
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August 02, 2021 at 07:00AM
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CCIV Stock Price: Lucid Motors – Churchill Capital IV shrug off market's sour mood - FXStreet
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