Why Lucid Group Stock Surged This Morning
After a shaky start to the week, Lucid Group (NASDAQ: LCID) stock surged this morning after the electric vehicle (EV) manufacturer announced a deal that could play an important role in the its growth plans. With the announcement coming on a day of exuberance for the stock market overall on easing inflation, investors bid Lucid stock up as high as 8.2% as of 9:40 a.m. ET on Tuesday.
Investors in Lucid got a rude shock in mid-2022 when the EV maker halved its expected production outlook for the full year and said it would be able to produce only 25,000 vehicles because of "extraordinary supply chain and logistics challenges." Although the company didn't put out too many details, EV makers across the globe have struggled with supply constraints this year, particularly a shortage of batteries and key parts.
Today, Lucid announced a deal with Panasonic Energy to source lithium-ion batteries for Lucid Air models and its upcoming luxury electric SUV, Gravity.
Source Fool.com
