LCID Stock News: Lucid Group Inc revs higher as EV sector soars ahead of Tesla earnings

NASDAQ: LCID joined in the electric vehicle stock party on Monday, as the sector saw some of the biggest gains on an otherwise flat day for the broader markets. Shares of Lucid gained 5.23% to close the trading day at $25.34. The NASDAQ paced the major indices to start the week and the tech-heavy index was carried by its mega-cap constituents. The Dow Jones was the only major index to finish the session lower, while the S&P 500 inched higher with a moderate gain. Lucid continues its recent momentum as the EV maker is now up nearly 10% over the past week of trading. 

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While there are plenty of bullish Lucid shareholders out there, Tesla (NASDAQ:TSLA) CEO Elon Musk had some words of warning on Twitter today. Lucid CEO Peter Rawlinson was a former executive at Tesla and had a heavy hand in designing both the Model S and Model X vehicles. Veiled jabs have been delivered by both CEOs over the past year, but Musk seems to have issued a reality check to new EV makers. On Twitter, Musk opined about how painful scaling production, supply chain, and logistics can be for a new EV maker. He also took a jab at both Lucid and Rivian about being valued at tens of billions of dollars without ever even delivering a vehicle. 

Lucid motors stock forecast

Lucid and the rest of the EV sector were trading higher on Monday, as the markets await Tesla’s earnings call which is expected on October 20th. Tesla itself revved higher by 3.21%, while other EV makers like Nio (NYSE:NIO) and XPeng (NYSE:XPEV) were also gainers to start the week. Tesla’s earnings are one of the most anticipated events of the earnings season, and after reporting record-breaking delivery numbers, many are anticipating another knockout quarter.