Churchill Capital Corp (CCIV Stock) Price and News: Shares lower, Volvo to go fully electric by 2030
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UNLOCK OFFER- NYSE:CCIV sheds 1.8% in first hour of tuesday's trade.
- CCIV has lost momentum since annoucning th Lucid merger.
- CCIV shares moved from $60 to $30 and have stabilised there.
Update Tuesday, March 2: Shares in CCIV continue to stabilize around $30 after the long-awaited merger was announced with Lucid Motors. Shares suffered as the PIPE transaction details were announced. Recent news from established auto manufactures that they would move solely to Electric Vehicle (EV) production have also hurt the EV sector. Volvo said on Tuesday it is to go fully electric by 2030 for its entire vehicle range. Ford had said in February it was to be fully electric in Europe by 2030.
NYSE:CCIV was the hottest stock on the market a couple of weeks ago, but since it officially announced its reverse merger with Lucid Motors, investors have slammed on the brakes. On Monday, despite a broader market rally that saw the S&P 500 jump 2.4%, CCIV traded sideways trimming 0.39% to close the trading session at $30.63. Shares are now trading 52% lower than the 52-week high price of $64.86 that it saw in mid-February.
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The broader electric vehicle sector rallied on Monday as tech stocks and the NASDAQ rebounded by 3.01%. Industry leader Tesla (NASDAQ:TSLA) jumped by 6.36% after lagging for most of the year so far, and Chinese electric vehicle maker NIO (NYSE:NIO) surged by 8.96% ahead of its fourth quarter earnings report after the closing bell. CCIV recorded a lower than average daily trading volume, as the recently quoted valuation of $68 billion seems to have scared some investors off of its sky-high stock price.
CCIV Stock Price
As CCIV and Lucid Motors head towards their impending merger, the stock still represents an opportunity to get into a company with a strong management team and a manufacturing plant that is nearly completed. Lucid definitely targets a high-end demographic as its Lucid Air sedan is priced at $96,000, $139,000, and $169,000, depending on which model you prefer. While expected vehicle deliveries certainly will not be as high as companies with entry level models, with time Lucid could see some impressive margin growth as production ramps up.
- NYSE:CCIV sheds 1.8% in first hour of tuesday's trade.
- CCIV has lost momentum since annoucning th Lucid merger.
- CCIV shares moved from $60 to $30 and have stabilised there.
Update Tuesday, March 2: Shares in CCIV continue to stabilize around $30 after the long-awaited merger was announced with Lucid Motors. Shares suffered as the PIPE transaction details were announced. Recent news from established auto manufactures that they would move solely to Electric Vehicle (EV) production have also hurt the EV sector. Volvo said on Tuesday it is to go fully electric by 2030 for its entire vehicle range. Ford had said in February it was to be fully electric in Europe by 2030.
NYSE:CCIV was the hottest stock on the market a couple of weeks ago, but since it officially announced its reverse merger with Lucid Motors, investors have slammed on the brakes. On Monday, despite a broader market rally that saw the S&P 500 jump 2.4%, CCIV traded sideways trimming 0.39% to close the trading session at $30.63. Shares are now trading 52% lower than the 52-week high price of $64.86 that it saw in mid-February.
Stay up to speed with hot stocks' news!
The broader electric vehicle sector rallied on Monday as tech stocks and the NASDAQ rebounded by 3.01%. Industry leader Tesla (NASDAQ:TSLA) jumped by 6.36% after lagging for most of the year so far, and Chinese electric vehicle maker NIO (NYSE:NIO) surged by 8.96% ahead of its fourth quarter earnings report after the closing bell. CCIV recorded a lower than average daily trading volume, as the recently quoted valuation of $68 billion seems to have scared some investors off of its sky-high stock price.
CCIV Stock Price
As CCIV and Lucid Motors head towards their impending merger, the stock still represents an opportunity to get into a company with a strong management team and a manufacturing plant that is nearly completed. Lucid definitely targets a high-end demographic as its Lucid Air sedan is priced at $96,000, $139,000, and $169,000, depending on which model you prefer. While expected vehicle deliveries certainly will not be as high as companies with entry level models, with time Lucid could see some impressive margin growth as production ramps up.
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