Lucid Stock Jumped This Week, but Here's Why It Might Not Last
It's been an incredibly turbulent week for stocks in the electric vehicle (EV) sector and for markets in general. As of early Friday morning, the Nasdaq Composite index was 5.4% higher for the week mainly thanks to Wednesday's historic rally.Shares of EV maker Lucid Group (NASDAQ: LCID) were doing even better, surging by 10.5%, according to data provided by S&P Global Market Intelligence. Those gains have come partly because of struggles at EV leader Tesla. Investors should be aware of something that could cause issues for Lucid in the near future, though.Lucid recently began selling its Gravity SUV and reports say that orders have picked up recently. Interest may have increased thanks to consumers' displeasure with Tesla CEO Elon Musk and his political activity. "We see a clear uptick of interest in Lucid from Tesla buyers, because they're looking for another option," Lucid's interim CEO, Marc Winterhoff, recently told Yahoo! Finance.Continue reading
It's been an incredibly turbulent week for stocks in the electric vehicle (EV) sector and for markets in general. As of early Friday morning, the Nasdaq Composite index was 5.4% higher for the week mainly thanks to Wednesday's historic rally.
Shares of EV maker Lucid Group (NASDAQ: LCID) were doing even better, surging by 10.5%, according to data provided by S&P Global Market Intelligence. Those gains have come partly because of struggles at EV leader Tesla. Investors should be aware of something that could cause issues for Lucid in the near future, though.
Lucid recently began selling its Gravity SUV and reports say that orders have picked up recently. Interest may have increased thanks to consumers' displeasure with Tesla CEO Elon Musk and his political activity. "We see a clear uptick of interest in Lucid from Tesla buyers, because they're looking for another option," Lucid's interim CEO, Marc Winterhoff, recently told Yahoo! Finance.
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