- NYSE:CCIV is two weeks out from the shareholder vote and proposed merger date.
- Lucid has Tesla in its crosshairs, but the industry leader keeps on delivering.
- Major automotive market Germany hits 1 million electric vehicles on its roads.
Update July 8: Churchill Capital Corp IV (NYSE: CCIV) extended its four-day losing streak and fell as low as $24.80 before reversing losses to regain $25.50, still finished 3.26% lower on Wednesday. Investors are taking profits off the table after the recent rally in CCIV, ahead of the July merger with Lucid motors. Dovish FOMC minutes lifted the Wall Street indices but failed to offer any respite to CCIV buyers, as the stock closed below the key $26 support.
NYSE:CCIV stumbled into the July 4th long weekend as shares of the EV SPAC stalled off of its recent bullish run. CCIV and Lucid are two weeks out from their proposed merger which still needs to go through a shareholder vote, although at this point that is merely a formality. Lucid should begin trading on the NASDAQ exchange on July 23rd under the ticker LCID, as the much anticipated debut of the so-called ‘Tesla killer’ will certainly be a highly publicized one. Electric vehicles have been one of the most popular secular trends for investors over the past couple of years, so Lucid will definitely be on investor watchlists come the end of the month.
While CEO Peter Rawlinson continues to take aim at Lucid’s main rival Tesla (NASDAQ:TSLA), the current EV industry leader keeps reporting record delivery numbers in each sequential quarter. Tesla most recently announced it had hit the 200,000 delivery mark for the first time in its history, a number that Lucid is seemingly years from attaining. Lucid should be more concerned with the sales of the premium Model S and Model X vehicles, as those will be the primary measuring sticks that the Lucid Air and Lucid Gravity will be compared against.
CCIV stock news
Germany, the predominant automotive market in Europe, has officially announced that it has 1 million electric vehicles on its roads as of June 2021. The country was aiming to hit this goal by December of 2020, but of course the COVID-19 pandemic derailed much of those plans. Still, Germany managed to hit the mark just six months after its initial target, with Tesla and Volkswagen making up a majority of those sales.
Update July 7: Churchill Capital Corp IV (NYSE: CCIV) ended Wednesday down 3.26% at $25.52, despite the better performance of US indexes. Wall Street managed to post modest daily gains, helped by the US Federal Reserve's Meeting Minutes, which showed that policymakers are still determined to support the economy with quantitative easing, despite growing concerns about higher inflation. The NYSE Composite Index added 25.95 points in a quiet trading journey.
Update: Churchill Capital Corp IV (NYSE: CCIV) has kicked off Wednesday's trading session with an upswing of over 1.5%, eyeing the $27 level. If shares of the company about to merge with Lucid Motors remains intact, it would break three consecutive sessions of falls. Overall, CCIV – soon to be changed to LCID – looks perky ahead of the official merger on July 23. Critical resistance awaits at $28.82 and support is at $26.
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