Lucid stock soars as positive news comes in

Lucid Group Inc. (NASDAQ: LCID), the EV-maker, saw its stock soaring after a news about its CEO being responsible for driving revenue growth with disruptive innovation in electric vehicles came in.

LCID stock performance

The LCID stock gained up to 6.20% and traded at $44.3068 (up by 2.5868 points) at 11:40 a.m. ET today. The market capitalization stood at $72.2 billion. However, the share volume traded for the LCID stock was 27,881,226, much lower than the average share volume of 80,402,793. Earlier, the stock also saw a 0.91% increase in the stock value in the pre-market trading session. The shares were priced at $42.10 (up by 0.38 points) at 8:40 a.m. ET today.

On January 7, 2022, Lucid Group Inc. saw its stock gain substantially when other EV-stocks dipped considerably. The LCID stock surged 13% (up by 4.97 points) and traded at $43.19 at 12:51 p.m. ET. The market capitalization was valued at $66.4 billion. Moreover, the 24-hour trading volume of the shares was 27,384,460. However, the share volume traded was much less than the average volume of 86,533,535. The stock had earlier dropped by a considerable 6.92% last Wednesday. The stock closed at $36.68, down 2.73 points from its previous close of $39.41. However, it has rebounded considerably since then.

CEO’s Statement

“Lucid Air was officially announced as Motor Trends 2022, Car of the Year, arguably the most prestigious award in the motor industry, seeking out true innovation, and groundbreaking vehicles. For a new brand and a new Company to win, to my knowledge, that’s only been done once before…We believe that our technology is worlds apart from even the current market leaders. For example, no one expected Lucid to achieve even 400 miles of range. And now we have an EPA certification of 520 miles of range for the Lucid Air Dream Edition R. And we’ve created this technology with an eye towards an ability to manufacture it at scale, which is where true innovation lies. Our technology powered every car in Formula E, the world’s premier electric motorsports series. And indeed, it changed the sport. Our battery packs have enabled Formula E cars to complete full race distances on a single charge. Now, what we learn from every race car, at every race, goes directly into the battery technology, powering Lucid Air. As the media and early customers have learned, our vehicles are truly the fusion of hardware and software, made possible by one of the best teams in the industry. We have auto industry veterans, including members of my former Tesla Model S team, working with former executives from Apple, and learning from their customer, the electronics experience. Along with so many other standouts from automotive and tech industries. We plan to leverage our team’s abilities to continue to improve vehicle function and features, even after customers take delivery via over the air updates.”

– said Peter Rawlinson, CEO of Lucid Group Inc.
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