Why Lucid Stock Powered Higher Today
Shares of EV maker Lucid Group (NASDAQ: LCID) charged higher today, and it might be thanks to two companies more associated with the traditional automotive sector. Lucid shares rose as much as 5.3% and held on to a 2.6% gain as of about 3:30 p.m. ET.
Lucid shares may be riding on the back of Ford Motor Company today, after that stock crashed yesterday but was recovering today. Yesterday, Ford told investors it expects inflation-related costs to increase by another $1 billion in the third quarter. But perhaps more importantly for Lucid, it also said it would have lower vehicle sales due to a lack of parts. That may have soothed investors in Lucid to know that when the company cut its production volume estimates due to supply chain challenges, it wasn't alone.
Image source: Lucid Group.
Source Fool.com
