LCID Stock news: Lucid Group Inc pulls back ad EV sector tanks on Elon Musk announcement

NASDAQ:LCID took a breather on Tuesday as the red-hot electric vehicle stock pulled back alongside the broad. Shares of LCID fell by 2.48% on Tuesday, and closed the trading session at $44.78. er EV market. The stock hit nine-month highs on Monday after shares climbed by more than $10.00 on the news that President Biden’s infrastructure bill was making its way towards approval. On Tuesday, it was a different story for the markets as all three major indices finished in the red, with the S&P 500 falling back below the 4,700 price level. 

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The major news that rocked the EV sector on Tuesday was that Tesla (NASDAQ:TSLA) CEO Elon Musk will be selling at least 10% of his stake in the company to cover a massive $15 billion tax bill. Musk is not the only executive to be doing so as his brother Kimbal Musk and other Tesla board members have been dumping stock since the end of October. Tesla has been scoring hot as of late and has been hitting new all-time highs on a daily basis. There is also more uncertainty with the company as Tesla reported that its Tesla Semi trucks are still in development, while PepsiCo (NASDAQ:PEP) reported that Tesla would be delivering the Semis by the end of this quarter. 

Lucid motors stock forecast

Meanwhile, Lucid is riding high after delivering its first fleet of Air Dream sedans at the end of October. Now Lucid will be gearing up for its third quarter earnings call which is scheduled for next week on November 15th. Investors will be listening for a Q4 forecast as well as any more news on the Gravity SUV and potential international expansion for the brand.