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Why Lucid Stock Just Popped 6%

TheMotleyFool

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Why Lucid Stock Just Popped 6%Photo, wide shot, wide-angle lens, soft focus, Auto parts supplier, sunset photo at golden hour, photo by Thomas Heaton: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-ZpZWLOA2q1Lrbc78ceLTs90l.png?st=2023-05-15T05%3A50%3A02Z&se=2023-05-15T07%3A50%3A02Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-14T21%3A19%3A00Z&ske=2023-05-15T21%3A19%3A00Z&sks=b&skv=2021-08-06&sig=aAZzsKm3Fg0e2CB07XvcACW5j1LlZPrsv8bXoWdHs6k%3D

Shares of luxury electric car-maker Lucid Group (NASDAQ: LCID) leapt ahead 6.4% through 11:40 a.m. ET Wednesday on news that... doesn't directly affect Lucid at all.

Last night, rival EV-maker Rivian Automotive (NASDAQ: RIVN) announced that (OTC: VWAGY) is giving it a $5 billion cash infusion (total, over the next three years) and establishing a joint venture whereby VW and Rivian will combine forces to produce new electric vehicles.

Investors are betting on similar news for Lucid.

Source Fool.com