Why Lucid Motors Stock Drove Higher Today

Shares of electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) were popping Tuesday morning after the company released its second-quarter update last night. Revenue beat expectations, but there was an even bigger driver for Lucid shares. After jumping as much as 13.5%, Lucid stock was trading higher by 2.5% as of 10:50 a.m. ET.

Investors have been losing confidence that the company would have enough capital to survive long enough to begin selling its Gravity SUV next year. The stock has been cut in half over the past 12 months. But Lucid announced a major cash infusion last night that has allayed some of investors' concerns with the company's future.

Source Fool.com