LCID Stock News: Lucid Group Inc trades lower despite EV sector surge

NASDAQ:LCID fell by 2.04% during Wednesday’s trading session.
EV stocks rev higher as Tesla delivery growth paces sector.
Tesla is under fire as the NHTSA widens its probe.

Stocks Reporter FXStreet

NASDAQ:LCID is still trying to gain traction as the company did not receive the boost it thought it would receive from its Production Preview week. On Wednesday, shares of Lucid fell by a further 2.04% and closed the trading day at $22.59. Despite all of the recent headlines that Lucid has been making, the stock has continued to find difficulty breaking through resistance levels. On top of a slew of glowing reviews for its Air Dream sedan, Lucid was awarded the longest range on an EV by the EPA, as well as revealing new details about its DreamDrive driver assist system.

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Lucid’s dip on Wednesday was not indicative of the performance of the broader EV sector. Shares of Tesla (NASDAQ:TSLA) gained once again as did Nio (NYSE:NIO), Li Auto (NASDAQ:LI), and Fisker (NYSE:FSR). XPeng (NYSE:XPEV) had the largest jump as the Chinese EV maker gained 5.99% during the session. September monthly deliveries for China were released earlier this week, and once again BYD (BYDDY) managed to outsell Nio, XPeng, and Li Auto combined in the world’s largest automobile market.

LCID stock price forecast

Tesla finds itself in some hot water once again with the NHTSA, as the ongoing probe into its FSD technology has hit another snag. On Wednesday, the NHTSA directly called out Tesla for not issuing a recall for its vehicles, despite sending out a software update that fixed some crucial safety components. The update included better detection of flashing as well as emergency vehicle lights in settings with low light. This is added on top of the existing probe into Tesla’s FSD technology, which has tied up its rollout in regulatory red tape.

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