CCIV Stock Price: Lucid Motors – Churchill Capital IV falls as a recent EV SPAC cries for help

NYSE:CCIV continues to show a lack of relative strength, especially as growth sectors and the broader markets rallied for the third straight day. On Monday, CCIV dipped by 2.07% and closed the trading day at $19.40. Lucid is preparing its investors for the Lucid User Experience event on May 26th that will be live via its official YouTube page. Interestingly enough, recent electric vehicle innovator Ford (NYSE:F) has also announced a presentation on May 26th, after the recent unveiling of the Ford F150 Lightning Electric Truck turned heads around the automotive industry. 

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But it’s not all good news for Lucid, as the ongoing bearish sentiment surrounding SPACs received some more fuel on Monday. Recent EV SPAC Lordstown Motors (NASDAQ:RIDE), which is partly owned by Workhorse Group (NASDAQ:WKHS) and General Motors (NYSE:GM), reported a serious downgrade of 50% from production of 2,200 vehicles to 1,000. The company also stated it is in dire need of additional capital, and will be looking at ways to raise more which could inevitably lead to stock offerings and shareholder dilution.

CCIV stock news

Some automotive insiders were able to get behind the wheel of the much anticipated Lucid Air sedan this past weekend, and thus far reviews have been mixed. The vehicle has been applauded for its innovative design and long-range battery charge, but has also been criticized for inconsistent acceleration and issues with the dashboard screen. Overall the sentiment from the Amelia Concours auto show was extremely positive though, which is a good sign for CCIV investors ahead of production later this year.