Why Lucid Group Stock Jumped Early Friday
It's been a topsy-turvy week in the stock market. Mostly because of tariff news and the potential ramifications to the U.S. and world economies. One electric vehicle (EV) stock jumped today for another reason. Lucid Group (NASDAQ: LCID) raised some fresh capital this week, and today announced new expansion plans.
Lucid stock surged as much as 5.6% on Friday before losing steam. As of 1:10 p.m. ET Friday, shares were holding on to a 0.4% gain after the company announced plans to buy a manufacturing plant and other assets from bankrupt hydrogen-electric truck maker Nikola.
Lucid has been known for its luxury Air sedan EV. It now is also offering a luxury SUV model that it hopes will expand its customer base. Early reviews are positive for the Gravity SUV that is now in Lucid showrooms. The new EV has 450 miles of range, and is the fastest charging EV outside of China, according to industry publication InsideEVs. The Gravity is also equipped to utilize Tesla's vast Supercharger network.
Source Fool.com
