CCIV Stock Price: Lucid Motors – Churchill Capital IV trades flat as Tesla powers up

NASDAQ:LCID edged higher by 0.21% on Monday but lagged the broader EV sector.
Tesla starts August off with a bang as Musk looks to leave Lucid in the dust.
The Middle East looks to be the first new frontier for Lucid Motors.

Stocks Reporter FXStreet

NASDAQ:LCID started its second week of trading on the public markets with a relatively flat performance. On Monday, Lucid kicked August off by adding 0.21% and closed the trading day at $23.77. The up and down session for Lucid saw a lower than usual trading volume, as the post-SPAC hype begins to wear off. Lucid lagged the broader electric vehicle sector during Monday’s session, as industry leader Tesla (NASDAQ:TSLA) gained 3.27%, and Chinese stalwarts Nio (NYSE:NIO) and XPeng (NYSE:XPEV) climbed by 2.69% and 6.97% respectively.

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Speaking of Tesla, the company kicked off August with the announcement that it would be lowering the price of its Model 3 vehicles in China by over $2000.00. Combined with the government subsidy for electric vehicles, the Model 3 is noticeably cheaper than in other markets around the world. Part of this is because the domestic EV makers in China have been slashing their rates as well, and citizens receive even larger subsidies for buying a domestically made brand over Tesla.

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Lucid also reported in documents filed with the SEC that it intends to move ahead with plans to expand into the Middle East at some point in the near future. Saudi Arabia is a major investor in Lucid and owns about 60% of the company through the Saudi Public Investment Fund. Lucid has already made it clear that it will be building a factory in Saudi Arabia, which would make the Middle East the first international frontier to see its vehicles.

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Stocks Reporter

FXStreet

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