Why Lucid Shares Are Higher Today
Many electric vehicle (EV) stocks have taken hits in 2022 as some analysts and investors question whether hopes for massive growth are just pie in the sky. Lucid Group (NASDAQ: LCID) shares have dropped nearly 30% year to date as the company itself has lowered its near-term production guidance. But a recent development seems to have helped ease some investor concerns. That has helped Lucid shares jump almost 9% at today's highs. As of 12:07 p.m. ET, the stock remains up 6.2%.
Lucid's plan for growth was supported by a recent announcement that EV battery supplier LG Energy Solutions will invest $1.4 billion to build a battery manufacturing facility near Lucid's Arizona factory.
Source Fool.com
