LCID Stock News: Lucid Group Inc chargers higher into the weekend alongside Rivian

NASDAQ: LCID hit the brakes on its recent skid as investors bought right back into the electric vehicle maker to close the week. Shares of LCID surged by 17.34% on Friday, and closed the trading session at $55.21. The soaring electric vehicle sector managed to help the NASDAQ finish the session as the only major index in the green. The Dow Jones fell for a second straight day, shedding a further 268 basis points and the S&P 500 traded mostly flat after trimming 0.14% to close the week. 

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A Wedbush analyst had investors running to electric vehicle stocks on Friday as industry leader Tesla (NASDAQ: TSLA) received a generous price upgrade from $1,100 to $1,400. While he didn’t provide a specific price target or coverage for Lucid or Rivian (NASDAQ:RIVN), both stocks climbed higher in sympathy on Friday. In other Rivian news, the company announced that it is no longer planning to develop an electric vehicle with Ford (NYSE:F). Ford still owns a 12% stake in Rivian, but it seems like the plans to develop vehicles may be scrapped for the time being. Shares of Rivian were up 4.23% during the session.

Lucid Motors stock forecast

In a recent interview with the New York Times, CEO Peter Rawlinson discussed that one of his main reasons for leaving Tesla as an engineer was because he felt mistreated by CEO Elon Musk. Rawlinson more or less called Tesla a toxic work environment which accounts for the company’s high turnover with staff. The Lucid CEO is attempting to implement his own relaxed style of managing, and is actively trying to be different from Tesla in every possible way.