Why Lucid Stock Soared Today
Shares of Lucid Group (NASDAQ: LCID) surged on Wednesday, hitting a hit of 8.9% in the early morning. The stock was trading 4.5% higher as of 12:30 p.m. ET.
Investors in the electric vehicle (EV) stock seem to be shrugging off their disappointment with President-elect Donald Trump's choice of new Environmental Protection Agency (EPA) leader and shifting focus to things that could give Lucid a new lease of life.
Lucid stock fell yesterday as investors reacted to Trump's selection of former Congressman Lee Zeldin as the EPA leader. Going by Trump's stance during his first tenure as president, environmentalists and investors in clean energy and EV stocks fear Trump may cut the EPA's budget and repeal the Inflation Reduction Act, which committed billions of dollars to clean energy, including tax credits on EVs. Zeldin voted against the law as a member of Congress.
Source Fool.com
