Why Lucid Stock Is on Fire Today

Lucid (NASDAQ: LCID) stock had been giving up all its gains from August so far this month until this morning when it surged, jumping 7.3% higher as of 11:10 ET Wednesday.

The luxury electric vehicle (EV) maker is placing big bets on its upcoming Gravity SUV. Yesterday, Lucid didn't just showcase and reveal more information about Gravity at its Technology and Manufacturing Day event but also gave a glimpse of its upcoming crossover. The event has renewed investors' hopes as they see better days ahead for Lucid.

Lucid confirmed Gravity is on track to go into production later this year. It also said the SUV will be equipped with Tesla's NACS charging connector in 2025, allowing owners access to more than 15,000 superchargers.

Source Fool.com