- NASDAQ:LCID dropped by 1.55% and lagged the broader markets on Friday.
- As Lucid prepares to deliver its first vehicles, Tesla readies its new Gigafactory.
- Former EV SPAC Lordstown Motors may have hit rock bottom on Friday.
NASDAQ:LCID closed the week on another down note as any gains made earlier were quickly erased after back to back red days on Thursday and Friday. Shares of LCID fell by a further 1.55% on Friday to close the trading week at $23.48. Lucid was trading higher during the morning session but general weakness in the electric vehicle sector saw the stock close lower. Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), and XPeng (NYSE:XPEV) were just some of the constituents of the sector that were trading in the red on Friday, so it should come as no surprise that Lucid also ended the day at a loss.
It seems like we have been waiting for years to hear about the opening of Tesla’s latest Gigafactory outside of Berlin, Germany. As Lucid prepares for the start of its production at its manufacturing facility in Arizona, Tesla is anticipating that it will open its fourth Gigafactory by October. CEO Elon Musk estimates that the German factory will be producing vehicles by the end of 2021, which means we could see a considerable spike to vehicle deliveries in the fourth quarter.
LCID Stock price forecast
Lucid investors should continue to keep tabs on other EV SPACs and how they perform after merging. Lordstown Motors (NASDAQ:RIDE) continued its freefall on Friday hitting new all-time lows. What was the cause of the latest tumble? Lordstown management reiterated on Friday that it does not have the money to continue funding any large scale production or even manufacture the battery powered trucks. The company stated that it may have trouble remaining in business for longer than a year.
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