LCID Stock News: Lucid Group Inc hits overdrive as infrastructure bill nears approval

NASDAQ:LCID added to its recent bull run to start the week as the EV maker received some excellent news from the US government. Shares of LCID soared by 9.86% on Monday and closed the trading day at $45.92. The stock continues to reach new highs each day and is now trading at its highest levels since the short squeeze back in February. All three major indices closed at record highs once again as the S&P 500 topped the 4,700 level for the first time ever, and the NASDAQ soared on growth stock momentum in the tech sector.

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The main motivator for the EV sector today was news that President Biden’s upcoming infrastructure bill is making its way through the final vote in the House of Representatives on Monday. The new bill will provide billions of dollars in funding to upgrade electric vehicle infrastructure, as well as additional funding to upgrade the public transit system with zero-emission vehicles. Lucid’s stock has been in a frenzy as of late as it is, with the company finally delivering the first fleet of its flagship Lucid Air sedans to patient customers last week. Shares of Lucid are now up a staggering 100% over the past month of trading.

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The scene was not as rosy for Lucid’s primary competitor Tesla (NASDAQ:TSLA) on Monday. Shares of the electric vehicle industry leader were down 4.84% during the session, following the news over the weekend that CEO Elon Musk is mulling the sale of part of his stock in the company. The catalyst for this is the fact that Musk is being slapped with a $15 billion tax bill, so he’d likely be selling some stock anyways to cover the amount. Still, investors took some profit after what has been a historic run for the stock over the past couple of months.