- NASDAQ:LCID gained 4.89% on Thursday and outpaced the broader markets.
- Lucid may have found a bottom as we look ahead to the Production Preview event.
- Tesla falls as Musk announces new delays for Roadster and Cybertruck.
Update September 3: Lucid Group Inc (NASDAQ: LCID) has kicked off Friday's trading session with an increase of over 3% to $19.26 at the time of writing. The electric vehicle company's shares have been staging a remarkable recovery, soaring from the depths of near $16. It seems that retail investors have seen selling related to the expiry of the PIPE lockup as an opportunity to shop for bargains. Recapturing the psychologically significant $20 level would be a bigger prize for bulls.
NASDAQ:LCID found some support after a 10% drop on Wednesday signalled the end of the lockup expiry period. On Thursday shares of Lucid rebounded and gained 4.89% to close the trading session at $18.66. The positive day snapped another long losing streak Lucid’s stock, which has not been able to gain any traction since it merged with CCIV at the end of July. The move higher is promising and shows that the market believes the sell off on Wednesday to be an over exaggeration.
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The next catalyst that is upcoming for Lucid is the Production Preview Week event that is scheduled for the last week in September. It is unclear as to whether or not we will finally receive a firm date for vehicle deliveries from the company. Test drives and production facility tours are great, but neither of these have much impact on the stock price. Last week, a glowing review from MotorTrend was not enough to reverse the downward trend, so investors should not expect a factory tour to be a bullish catalyst.
LCID stock price forecast
Lucid rival Tesla (NASDAQ:TSLA) saw its shares fall by 0.23% on Thursday on a negative announcement from CEO Elon Musk. The long awaited Tesla Roadster and Tesla Cybertruck have been delayed until 2023 and 2022 respectively. Like with other EV makers, Musk cited that the global chip shortage is the main reason for the delay in production, so this may not be the last delay we see. The second generation roadster was originally unveiled back in 2017 with a 2020 delivery date.
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