Here's Why Lucid Group Stock Soared 27% in September
Some investors have pegged Lucid Group (NASDAQ: LCID) as the most likely potential domestic competition to electric vehicle leader Tesla (NASDAQ: TSLA). There are several good reasons for that, but before comparisons truly begin, Lucid needed to actually have a product on the market. The EV company announced at its Arizona facility open house last week that production of its $169,000 Air Dream Edition luxury sedan has now begun. That helped cap the month of September, which saw shares of Lucid soar 27.2%, according to data provided by S&P Global Market Intelligence.
It wasn't just the start of manufacturing its first vehicle alone that helped push Lucid shares higher, though. There were two other developments from the company that investors focused on earlier in September, too. These three news items all contributed to investor bullishness on Lucid stock:
Lucid Air electric sedan in Lucid studio. Image source: Lucid Group.
Source Fool.com
