- NASDAQ:LCID gained 1.57% during Thursday’s trading session.
- President Biden unveils the Build Back Better bill framework.
- Ford’s stock continues to surge as delivery increases and debt reduction impress investors.
NASDAQ:LCID revved higher on Thursday, as the broader EV sector continued its recent scorching pace. Shares of LCID gained 1.57% and closed the trading session at $37.12. It was another banner day for the NASDAQ as it rose yet again for its sixth consecutive positive session, hitting another fresh all-time high. The S&P 500 climbed higher again as well, and the Dow Jones was the lone major index to finish Thursday in the red, snapping its recent hot streak. Although earlier in the week investors were skeptical of the upcoming tapering policies, thus far the markets have managed to shrug off any previous fears of a cease in economic stimulus.
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President Biden unveiled the framework for the upcoming Build Back Better bill. The popular bill is providing incentives for US consumers who purchase electric vehicles that are manufactured in a unionized production plant. While companies like Lucid and Tesla (NASDAQ:TSLA) are not a part of the UAW, they still stand to benefit from the increase in demand for electric vehicles. The bill will certainly assist iconic, US-based automakers like Ford (NYSE:F) and General Motors (NYSE:GM).
Lucid group stock price
Speaking of Ford, the company has been in the headlines as of late after reporting a 195% year over year rise in electric vehicle deliveries in the month of October. The automaker also reported that it sold more vehicles in the United State than any other automaker during the month. Ford also announced on Thursday that it would be paying down some of its debt that it took on during the COVID-19 pandemic. This combined with the fact that the chip shortage is finally starting to sort itself out for Ford, and its easy to see why shares are up over 15% during the past week.
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