LCID Stock News: Lucid Motors rises as EV sector jumps on Lyft announcement

NASDAQ: LCID gained 4% during Wednesday’s trading session.
Lyft makes an interesting announcement for EV companies.
Amazon-backed Rivian is finally set to go public at a lofty valuation.

Stocks Reporter FXStreet

NASDAQ: LCID joined other EV companies on Wednesday as the sector powered higher into the closing bell. Shares of LCID gained 4.03% during the session and closed the trading day at $36.55. The stock managed to buck the trend of losing days from earlier in the week, although some bearish analyst talk has crept into the Lucid narrative. Wednesday was a volatile day for the markets, as the FOMC gave its decision on starting its tapering plan later this month. Despite this, investors clearly believe that the economy is strong enough now as all three major indices kicked higher into the close and finished at all-time highs for the fourth consecutive day.

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The EV sector bounced into the close after an interesting announcement from ride sharing company Lyft (NASDAQ: LYFT). First, Lyft reported solid third-quarter earnings results as revenue gained 73% YoY. Lyft’s co-founder John Zimmer also doubled down on the company’s goal of having an all-electric fleet by 2030, saying they are in active discussions with automakers. This comes on the heels of both Hertz (HTTZ) and Uber (NYSE:UBER) ordering a fleet of vehicles from Tesla (NASDAQ: TSLA) for use in both car rentals and ride sharing in the near future.

Lucid Group stock price

In other EV news, Amazon (NASDAQ:AMZN) backed Rivian, the electric truck maker, is set to go public within the coming weeks. The company is reportedly offering 135 million shares priced between $57 and $62, which would give Rivian a valuation of up to $54 billion on its first day of trading. Rivian, which is also backed by Ford (NYSE:F), is looking to fill a hole in the electric truck sector and already has a fleet of delivery trucks for Amazon’s last-mile service.

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