Shares of luxury electric car-maker Lucid Group (NASDAQ: LCID) leapt ahead 6.4% through 11:40 a.m. ET Wednesday on news that... doesn't directly affect Lucid at all.
Last night, rival EV-maker Rivian Automotive (NASDAQ: RIVN) announced that (OTC: VWAGY) is giving it a $5 billion cash infusion (total, over the next three years) and establishing a joint venture whereby VW and Rivian will combine forces to produce new electric vehicles.
Investors are betting on similar news for Lucid.
Source Fool.com