LCID Stock News: Lucid Group Inc off three-week highs, still rebounds 8%

Update, January 4: NASDAQ: LCID jumped to fresh three-week highs of $41.76 on Monday, kicking off 2022 with a bang. Although the electric vehicle (EV) manufacturing company failed to sustain at higher levels and ended the day at $40.93, still up 7.57% on the day. A sharp increase in the sales of EV is the main reason behind the surge in Lucid stock price. Meanwhile, Citigroup offered a bullish outlook on the electric-vehicle startup, with Analyst Itay Michaeli providing a Buy rating and $57 price target.

NASDAQ:LCID closed out an eventful first year on the public markets on Friday, even though investors may not have seen the type of growth they were initially hoping for. The year to date returns for the stock have been good if you managed to buy in before the SPAC merger with Churchill Capital was completed in July. Since then, the stock has performed admirably, gaining about 32% in the back half of the year. While Lucid hasn’t immediately become the threat to EV industry leader Tesla (NASDAQ:TSLA) that some were hoping for, the company has a legitimate product on the roads which is more than what can be said for other EV makers who went public via a SPAC merger.

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Electric vehicle stocks struggled during the final session of 2021, ahead of the much anticipated December delivery figures for Chinese companies, and the fourth quarter deliveries for Tesla. Shares of Tesla were down by 1.27% on Friday, while recently public Rivian (NASDAQ:RIVN) managed to eke out a small gain of 0.26%. In the Chinese market, Nio (NYSE:NIO) dipped lower after a major surge on Thursday, while domestic rivals XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) both closed the day higher.

Lucid Motors stock price

For Tesla, it has been a forgettable end to the year. Just one day after the company announced a recall of 475,000 vehicles, there was a report out of China that Tesla will be recalling a further 200,000 vehicles in the Asian market as well. While recalls have been a non-issue for Tesla in the past, it might give investors some pause as the EV maker scales its production capacity on a global level.

Previous updates

Update: NASDAQ: LCID is up roughly 9% heading into the US close, changing hands at $41.45 per share. Wall Street advanced on the first day of the year, although US government bond yields also head north, soaring to fresh multi-month highs on the back of renewed inflation concerns. The Nasdaq Composite is the best performer, up 1.04% at the time being. 

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