Lucid Group (NASDAQ: LCID ) has lost 37% of its value in 2024. However, that's not the worst result for Lucid stock, which is down 95% since hitting its all-time high over $55 in November 2021.
Electric vehicle (EV) stocks have stabilised in the past few weeks as investors started to buy the dip after most of them crashed by double-digits this year. Therefore, an important development in the industry has led analysts to predict a comeback in some popular names.
Shares of electric vehicle (EV) manufacturer Lucid Group (NASDAQ: LCID ) — which does business under Lucid Motors — jumped slightly higher on Monday. Late last week, the premium EV specialist settled a trademark dispute with charging equipment manufacturer Gravity.
Electric vehicles are the future. Both governments and people around the world are slowly pushing towards increasing the percent of transportation coming from EVs.
EV fans know which companies are doing well and who are not. Unfortunately, one of the many EV companies struggling as of late is Lucid Group (NASDAQ: LCID ).
Last night, Rivian announced a tie-up with Volkswagen. Investors seem to be hoping Lucid will announce similar news -- and a similarly large cash infusion.
The electric vehicle (EV) industry is on full alert after it was announced that Volkswagen (OTCMKTS: VWAGY ) would invest up to $5 billion into Rivian (NASDAQ: RIVN ) while also a forming a joint venture with the company based on vehicle software. The news caused Lucid (NASDAQ: LCID ) to rise as much as 12% following yesterday's close, although more than half of those gains have been erased since then.
Shares of Lucid (Nasdaq:LCID) are soaring after hours on the news that Volkswagen will invest up to $5 billion in fellow EV maker Rivian (Nasdaq: RIVN) Read more about Rivian's 50% surge here.
Lucid (NASDAQ: LCID) experienced an exceptionally high level of options trading activity on June 24.
EV company Fisker has declared bankruptcy. The company filed chapter 11, and has assets estimated between $500m – $1 billion, with liabilities somewhere between $1 – $10 billion.
Following the disastrous launch of its Ocean SUV, which resulted in a multitude of customer complaints, Fisker (OTCMKTS: FSRN ) has filed for Chapter 11 bankruptcy protection. The news shouldn't come as a major surprise, as Fisker was removed from the New York Stock Exchange earlier this year before defaulting on its debt.
Electric vehicle company Lucid Group Inc LCID stands to benefit from rival Fisker Inc‘s FSRN declaring bankruptcy.