- NYSE:CCIV jumps nearly 2% in early trading on Tuesday.
- Lucid rival Tesla makes record breaking deliveries in the second quarter.
- CCIV consolidating recent gains but struggling to break $30.
Update: CCIV shares rallied on Tuesday in early trading as the electric vehicle stock outperformed its targetted rival Tesla. The stock is still holding above the 9-day moving average but the move is largely sideways of late. Tesla is down 2% at the time of writing.
NYSE:CCIV slid into the July 4th weekend as investor sentiment of EV companies turned sour despite some more record breaking delivery numbers. On Friday, CCIV dropped 2.53% to close the trading week at $27.02. The stock has been volatile over the past couple of weeks as the countdown is on towards the shareholder vote and the eventual merger between CCIV and Lucid Motors. On one hand, the Lucid Air sedan continues to get positive reviews as it nears a launch date, but on the other hand, investors are losing trust in high valuation EV companies that are pre-revenue.
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Another day, another record-breaking deliveries announcement for electric vehicles. On Friday, it was Tesla (NASDAQ:TSLA) who reported its much anticipated second quarter delivery figures, which hit the 200,000 mark for the first time in the company’s history. Shares of Tesla surged to start the day, but investor enthusiasm waned later in the session, and shares finished slightly higher, gaining 0.14% to close the day. Why did the stock decline? The actual number of 201,250 was slightly lower than consensus estimates, and it was revealed that only about 1% of the vehicles were from the higher end Model S and Model X.
CCIV stock news
Another black eye for EV SPAC companies as Lordstown Motors (NASDAQ:RIDE) is now being investigated by the Department of Justice for intentionally misleading its investors. Lordstown is already under investigation by the SEC, and the stock has been sent into a downward spiral following its CFO and CEO stepping down on the same day a couple weeks ago. Shares of Lordstown were down 10.82% on Friday.
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