CCIV Stock Price: Lucid Motors continues on from gains on debut day

Update: CCIV or LCID as it is now is continuing to push on from its debut day. LCID shares are up 3% already in the first few minutes of trading as the Tesla competitor attracts new investors to the fold. The shares are currently trading at $25.99 for a gain of 3.2% on Wednesday. 

Update: NYSE:LCID finished the day at $26.83, up 10.64%, as Wall Street reverted early losses and managed to end the day at fresh all-time highs. However, the advance was modest as investors stood cautious ahead of US first-tier data spread through the week. The NYSE Composte added 13 points, while the best performer was the Dow Jones Industrial Average which added 82 points or 0.24%. 

Previous update: First day and if they are all like this then it is plain sailing ahead for the Tesla competitor. Lucid Motors stock rises a smooth 16% in the first hour of trading to hit $28.35. Shareholders finally got the deal done and now they are rewarded with some tsty gains. Tesla releases earnings after the close so those will also be closely watched.

NYSE:CCIV has officially seen its last day as a SPAC stock on the public markets, as it will now be delisted for Monday’s session. Shares of CCIV gained 5.90% to close its final session at $24.25. It was a tentative day otherwise in the electric vehicle sector as industry leader Tesla (NASDAQ:TSLA) fell a further 0.91%, Nio (NYSE:NIO) dipped 4.49%, and XPeng (NYSE:XPEV) dropped by 4.81%. Nio and XPeng were caught up in the broader beat down of Chinese stocks following the Chinese government’s announcement of unprecedented penalties it was imposing against ride hailing service Didi (NYSE:DIDI). Shares of Didi tumbled by 20.98% during Friday’s session. 

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The second time was the charm for CCIV shareholders, who showed up on Friday to pass all seven proposals. Thursday’s shareholder vote was adjourned to Friday following one of the proposals not receiving enough votes, which temporarily stopped the merger from going through. The situation was the source of some humor on social media, as Lucid is known to have one of the most vocal retail followings around.

CCIV stock news

Lucid Motors will now debut on the NASDAQ exchange on Monday instead and trade under the ticker symbol LCID. Monday is turning out to be a big day in the industry as Tesla is also set to announce its second quarter earnings after the market closes. Expect Lucid to trade alongside Tesla as most of the electric vehicle industry does. If Tesla reports weaker guidance for the rest of the year, especially if it has to do with the global chip shortage, Lucid may see its price pull back as well.