- NASDAQ:LCID gained 0.53% on Thursday, and lagged the broader markets overall.
- Biden’s new infrastructure bill is edging closer, and U.S. made EVs could benefit.
- Ford stock gains as Tesla is snubbed from EV White House summit.
NASDAQ:LCID hasn’t quite had the Wall Street debut its investors were looking for after its merger closed at the end of July. On Thursday, shares of LCID added 0.53% to close the trading day at $22.75. It was a positive day for the markets overall, so the fact that Lucid lagged the S&P 500 and NASDAQ is not exactly a bullish outlook. Shares jumped early in trading and hit as high as $23.29, but anything above $23.00 was acting as resistance and the stock got knocked back down by the closing bell.
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President Biden’s new infrastructure bill looks like it is approaching completion, as the bipartisan plan is close to being signed off on. What does this mean for electric vehicle companies? It’s no secret that the Biden administration has been bullish on renewable energies and electric vehicles, so the upcoming infrastructure bill will have more incentives for U.S. based companies. Transportation infrastructure is getting a massive boost, which should lead to a major upgrade of the country’s charging networks.
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Speaking of President Biden, the White House is hosting U.S. electric vehicle automakers on Thursday as they pledge to boost sales in the U.S. by 40-50% by 2030. The companies that were invited are Ford (NYSE:F), General Motors (NYSE:GM), and European company Stellantis, and much was made on social media about Elon Musk and Tesla (NASDAQ:TSLA) not being included. Perhaps since Tesla is already 100% electric, it would have been fruitless to invite the company to a summit that talks about increasing the percentage of EV sales.
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