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Why are Lucid Shares on the Rise Today

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Lucid Group ($LCID@US) is trading higher today in sympathy with Tesla ($TSLA@US), which reported strong delivery numbers over the weekend. Electric vehicles are one of the hottest investments of 2022, and Lucid was one of 2021’s most anticipated special purpose acquisition stocks. Its Lucid Air model is receiving positive feedback, and its stock seems destined for growth. Recently, Tesla announced that vehicle production totaled more than 300,000 in the fourth quarter. Deliveries reached over 308,000, an increase of more than 70% year-over-year. The company said it produced approximately 930,000 vehicles in 2021 and delivered 936,172 during the year. Tesla said its delivery count was conservative because a vehicle is not considered delivered until it is transferred to the customers. Lucid is a technology and automotive company developing the next generation of electric vehicle technologies. Lucid has traded as low as $10 and as high as $64.86 over a 52-week period. The stock was up nearly 9% at $41.45 this morning.

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