LCID Stock News: Lucid Group Inc rebounds as Tesla earnings pulls up EV stocks

NASDAQ:LCID gained 0.91% during Thursday’s trading session.
Lucid is attempting to avoid the same mistakes Tesla made.
Rivian inches closer to its November IPO date.

Stocks Reporter FXStreet

NASDAQ:LCID has made every attempt to distance itself from being associated with Tesla (NASDAQ:TSLA) but the stock continues to move in sympathy with the EV leader. On Thursday, shares of LCID gained 0.91% to close the trading day at $24.46. Lucid saw some unusual activity in the morning, as the stock saw a major surge up over $25.00 before settling back down before the closing bell. It was a green day all around for the EV sector as Tesla reported its earnings after the close on Wednesday. Tesla, Nio (NYSE:NIO), XPeng (NYSE:XPEV), Ford (NYSE:F), and Li Auto (NASDAQ:LI) were all trading in the green on Thursday.

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As Lucid nears its delivery rollout date, it is taking measures to ensure that its production facilities are up to speed and is hopeful to avoid all of the quality control nightmares that Tesla had in the beginning. It is utilizing the latest technology and tools in its manufacturing process, and CEO Peter Rawlinson himself has learned the lessons that Tesla struggled with as a new EV maker. He has assembled an all-star team with decades of automaking experience. Lucid is hopeful that this experience will allow them to avoid the growing pains that other automakers have felt.

lucid motors stock forecast

Another EV competitor is inching closer to its November IPO date. The Amazon (NASDAQ:AMZN) backed Rivian started producing its electric trucks back in September, and is ensuring that it secures a lofty valuation ahead of its debut on the public markets. Rivian has already built a production facility that has the capacity to produce 150,000 vehicles annually, and has an impressive partnership with Amazon to create the next generation of its delivery vehicles.

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Stocks Reporter

FXStreet

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