LCID Stock News: Lucid Group Inc trades lower despite late-day rally

NASDAQ:LCID looked to be getting hammered during early intraday trading before nearly rallying into the green by the closing bell. Shares of LCID dipped by 0.10% and closed the trading week at $40.01. It was yet another bearish session for many of the market’s most popular growth names, and electric vehicle stocks in particular took it in the chin once again. The Dow Jones tumbled by 532 basis points amidst ongoing pressure from the Federal Reserve’s tapering timeline, as well as rising cases of COVID-19. The S&P 500 fell by a further 1.03%, while the tech-heavy NASDAQ also edged lower by 0.07% on Friday. 

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Electric vehicle stocks were still lagging on Friday as the sector continued to get punished for disappointing earnings results from newcomer Rivian (NASDAQ:RIVN). It was not the figures itself for the quarter that were disappointing, rather a statement from the company that production numbers were falling short of estimates based on ongoing supply chain issues. Investors have no doubt applied this logic to Lucid and other early-stage EV makers, which accounts for the bearishness surrounding these stocks. Shares of Rivian continued to fall on Friday as the newly public company saw its stock fall a further 10.26%. 

Lucid Motors stock price

It seems like more controversy is on the horizon for electric vehicle sector leader Tesla (NASDAQ:TSLA). A shareholder lawsuit was announced on Friday in relation to CEO Elon Musk tweeting to his followers about how many shares of Tesla he should sell. Shares of Tesla have been in free fall since Musk tweeted the poll, as the stock has lost nearly 15% of its value over the past month. Shares of Tesla were trading higher by 0.61% on Friday.