Why Lucid Group Stock Is Soaring Today

Shares of Lucid Group (NASDAQ: LCID) are climbing on Wednesday. The luxury electric vehicle (EV) maker's stock gained 3.3% as of 2:47 p.m. ET and was up as much as 9.9% earlier in the day. The rise comes as the S 500 and Nasdaq Composite lost 0.5% and 0.2%, respectively.

It was reported today that the EV start-up is seeing increased interest from former owners as its second vehicle enters production.

Lucid's interim CEO Marc Winterhoff revealed in an interview that Lucid is experiencing an "uptick of interest" from Tesla owners looking for alternatives. "Tesla buyers always were the source of our sales because they were already used to using electrical drivetrains, and they look for an opportunity to have something else, something better," Winterhoff said following an event for Gravity SUV -- the company's newest entry -- at the company's New York City showroom.

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Source Fool.com