CCIV Stock Price: Lucid Motors – Churchill Capital IV surges 10% on Rivian IPO news

• NYSE:CCIV falls by 0.80% as the broader markets finish the week in the green. 
• Another EV rival is set to go public and is seeking a massive valuation.
• The first reviews of Lucid’s user experience have hit publication from Motor Trend magazine.

Update June 2: Shares of Churchill Capital IV (NYSE: CCIV) kicked off June on the right footing, rallying over 10% to clinch fresh five-week highs of $22.39. The stock, however, failed to sustain at higher levelx and retraced towards the closing, finishing Tuesday 9.33% higher at $21.56. Positive sentiment around hypergrowth EV stocks such as Lucid Motors helped fuel the rally in CCIV. However, the main catalyst appeared to be the reports that Rivian, the Amazon-backed EV truck maker, could be going public soon. Broader market optimism also kept the buoyant tone intact around CCIV shares.  

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News broke on Friday that Rivian, another electric vehicle startup that is notably backed by Amazon (NASDAQ:AMZN), is looking into listing on the public markets. While Rivian may not be a direct competitor to Lucid as its main focus is electric trucks, the two brands will still eventually be vying for consumer approval. CCIV investors were riled up on social media following the announcement, as it was stated that Rivian is seeking a $70 billion valuation. The figure comes as a surprise given Wall Street’s hesitation over Lucid’s valuation earlier in the year, which was a major reason as to why the stock fell from its highs in February.

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Lucid’s User Experience Event brought in mostly positive reviews from fans, but Motor Trend magazine published one of the first professional reviews. The publication was very complimentary of the Lucid Air and the control panel system called Lucid UX. Motor Trend pointed out the ample interior, sleek dashboard, and impressive mileage as things that can set Lucid apart from Tesla (NASDAQ:TSLA).

Previous update:

Update June 1: NYSE:CCIV advanced 9.33% on Tuesday, ending the day at $ 21.56 after topping $ 22.41 at the beginning of the session. Wall Street advanced ahead of the opening, posting substantial gains before changing course. The DJIA closed with gains, but the Nasdaq and the S&P 500 posted modest intraday losses. The energy sector was the best performer, adding roughly 4%. 

The long Memorial Day weekend is over, and traders are back to their desks – some with hangovers and others full of energy. After several days of declines at the end of May, Tuesday's trading could see Churchill Capital IV (NYSE: CCIV) resume its battle with the $20 level. The blank-check company that is merging with Lucid Motors faces resistance at $20.28, the late-May peak. Support is at $19.40.

NYSE:CCIV continued its downward trend on Friday, as the impending SPAC company lagged the broader markets for the third trading day in a row. The stock dipped by 0.80% on Friday to close the week at $19.72. Shares were flying high leading up to the recent User Experience event, as well as a series of announcements from Lucid about the current state of the company. Unfortunately for CCIV investors, that momentum tapered off following the event, and the stock continued dip heading into the weekend.