CCIV Stock Price: Lucid Motors Inc (formerly Churchill) rises on Chinese techlash, Tesla results

Update July 27: One company's issues are another one's opportunity – Lucid Group, Inc. (NYSE: CCIV) has been rising on Tuesday by some 5% to above $24 as Chinese authorities crackdown on technological companies. After hitting educational tech firms, some fear electric vehicles may be next under Beijing's radar. Shares of China-based EV-makers are suffering badly, sending investors to the safety of American-based ones. Lucid Motors, which just completed the SPAC-merger with Churchill Capital IV) is benefiting from the rise. Moreover, Lucid is also benefiting from Tesla's outstanding results released late on Monday, which showed profits 48% above expectations. 

NASDAQ:LCID has finally completed its merger, and Wall Street bulls showed up for its first day of trading. On Monday, shares of LCID gained 6.30% during an impressive first session, closing the trading day at $26.83. The positive debut from Lucid represented one of the few SPAC mergers to trade higher post-merger, which may be a sign of things to come for the stock. An impressive 31 million shares traded hands during its first day of trading, as investors were excited for one of the most anticipated debuts in recent memory.

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Shareholders were even treated to a company update from Lucid CEO Peter Rawlinson on Monday. According to Rawlinson, Lucid now has 11,000 paid reservations for its Air sedan, a number that continues to rise throughout the year. Rawlinson also confirmed that construction is already under way to increase manufacturing capacity, adding a further 2.7 million square feet to the plant. Lucid continues to be compared against rival Tesla (NASDAQ:TSLA), the company for which Rawlinson used to work. 

CCIV stock news

Speaking of Tesla, the electric vehicle leader reported its earnings after the markets closed on Monday. Tesla topped analyst estimates on both the top and bottom line in the second quarter. The company reported earnings per share figures of $1.45 vs $0.98, and narrowly beat revenues with $11.96 billion vs $11.30 billion. Perhaps most significantly, Tesla reported GAAP net income of $1.14 billion for the quarter, which represents the first time in its history that the company reached the $1 billion mark in one quarter.