Why Lucid Motors Stock Jumped Today
Shares of electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) are recovering today after tumbling in the wake of the U.S. elections yesterday. But today's bounce looks to be coming for a different, company-specific reason.
After dropping more than 5% yesterday, Lucid shares were higher by 3.8% as of 1:30 p.m. ET today. While the stock is still down nearly 50% year to date, it's today's news that shareholders hope will be the catalyst that could turn Lucid's fortunes around.
Lucid announced today that it is now taking orders for its Gravity Grand Touring SUV. It has thus far only offered its luxury Air sedan models since it began production about three years ago. It's now expanding to the SUV segment and focusing on what it expects to be sector-leading technologies.
Source Fool.com
