Why Lucid Group Stock Blasted Higher Monday

With electric vehicle stocks soaring on Monday, how could shares of luxury electric car manufacturer Lucid Group (NASDAQ: LCID) be far behind? As of 2:30 p.m. EDT, Lucid stock was trading up 11.6%.

However, Lucid Group shares weren't simply riding the broader EV enthusiasm Monday -- investors also got a teaser for what could mark a major upcoming milestone for the company.

Multiple developments in the industry stoked investor activity in EV stocks, led by bellwether Tesla, which bagged a big deal from rental company Hertz even as it announced an increase in prices for its hot-selling models. With both developments reflecting an unstoppable rise in interest in EVs, investors in the sector are stoked.

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Source Fool.com