LCID Stock News: Lucid Group Inc drops lower as Tesla hits a new all-time high

NASDAQ:LCID fell by 1.43% during Friday’s trading session.
Lucid is trying to keep pace with Tesla as its stock hits a new all-time high.
There are still holes in Lucid’s long-term story.

Stocks Reporter FXStreet

NASDAQ:LCID bulls didn’t have the end to the week that they had hoped after the stock rode higher alongside the EV sector. Shares of Lucid fell by 1.43% to close the last trading session of the week at $24.11. The NASDAQ exchange struggled in general on Friday, as investors rotated out of growth stocks and back into value and blue-chips. It should come as no surprise then that the Dow Jones was the only major index to finish in the green, once again hitting a new all-time high. The S&P 500 traded mostly flat on Friday, as some of its largest components like Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) tumbled after Snap (NYSE:SNAP) had disappointing earnings following Apple’s (NASDAQ:AAPL) security updates for app users.

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Tesla (NASDAQ:TSLA) hit a new split-adjusted all-time high on Friday as the stock closed the week above the $900.00 price level. Lucid bulls may be wondering about the growing pains Lucid will experience as the company tries to scale and build up its capacity to rival that of Tesla’s. Considering Lucid has yet to announce a delivery date, it could be years before Lucid can realistically call Tesla a rival.

lucid motors stock forecast

Lucid’s long-term story consists of international expansion starting in the Kingdom of Saudi Arabia, followed by lower-priced vehicle models and power storage facilities. Sound familiar? It is a very similar road to what Tesla has taken, and yet it has been nearly fifteen years since Tesla’s first vehicle was released. Lucid shareholders may be excited for what the future can bring, but they could be waiting for a long time until they see any substantial returns.

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Stocks Reporter

FXStreet

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