Why Lucid Stock Jumped 46% in October and Continues to Rally
Electric vehicle (EV) stocks have been all over the news in recent weeks, but Lucid Group (NASDAQ: LCID) stumped everyone with the kind of attention it received: Its shares surged a whopping 45.7% October, according to data provided by S&P Global Market Intelligence, with all of those gains coming in just the last week of October. For those who thought the stock was hyped and primed to reverse course, Lucid is up another 13% so far in November.
Lucid first caught the market's attention at the end of September when it announced the start of commercial production and said it was ready to deliver its first cars, the Lucid Air Dream Edition sedan, by the end of October. With the Air Dream's range rating beating Tesla's (NASDAQ: TSLA) longest-range EV, the Model S, by nearly 100 miles, EV enthusiasts had a lot to look forward to.
A Lucid Air. Image source: Lucid Group.
Source Fool.com
