Why Lucid Shares Surged Wednesday
Lucid Group (NASDAQ: LCID) shares dropped more than 80% in 2022, as it -- and other electric vehicle (EV) makers -- struggled to increase sales amid supply chain disruptions and general economic headwinds.
But some production news from a domestic competitor yesterday has investors more optimistic about what Lucid will say when it reports its own data. That had Lucid shares surging today. As of noon ET, the stock was near the day's high, up 8.3%.
Fellow EV start-up Rivian Automotive just reported a large sequential increase in fourth-quarter production and deliveries compared to the third quarter. That has investors thinking Lucid could also do better than feared when it comes to its fourth-quarter and full-year vehicle production results.
Source Fool.com
