LCID Stock News: Lucid Motors tumbles in tandem with Tesla

NASDAQ: LCID fell by 1.24% during Monday’s trading session.
Lucid’s first deliveries have been confirmed on a day where rivals report their October deliveries.
Tesla’s stock continues to skyrocket as the Supercharger network is opened to all EVs.

Stocks Reporter FXStreet

Update November 3: Lucid Motors plunged as low as $33.02 on Tuesday before recovering sharply to close at $35.13, still down 3.83% on the day. LCID stock price fell for the third day in a row, reversing Monday’s 9% upsurge. The LCID shares tumbled in tandem with its rival Tesla Inc. amid a profit-taking spree across the Electric Vehicle (EV) space.

NASDAQ:LCID took a pause and pulled back on Monday, after surging by over 35% last week. Shares of LCID fell by 1.24% to start the month of November, and closed the trading session at $36.53. Lucid lagged the broader markets to start the week, as all three major indices reported a positive gain once again. The US markets were paced by the tech-heavy NASDAQ index which gained 0.63% after hitting a fresh new intraday all-time high. The Dow Jones and the S&P 500 also eked out small gains, with all eyes on the upcoming FOMC meeting this week, followed by the October jobs report on Friday.

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Lucid’s milestone announcement for its very first vehicle deliveries last week was the main catalyst that sparked the stock’s meteoric rise. The news comes just days ahead of EV sector rivals from China like Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) reporting their October delivery numbers before the markets opened. Despite only delivering its first vehicles last week, Lucid already has a near $60 billion market cap, which makes it a more valuable company than XPeng and Li Auto. XPeng and Li Auto both reported impressive YoY growth in deliveries in their domestic market.

Lucid Group stock price

Perhaps the hottest stock on any market as of late has been EV industry leader Tesla (NASDAQ:TSLA). Shares of Tesla are up a whopping 54% over the last month and jumped by another 8.5% on Monday. Tesla is preparing a plan that will open its Supercharger network to all EVs in the future. This plan will begin with a test project in the Netherlands that could inevitably lead to a rise in revenues as non-Tesla vehicles will have to pay more to use them.

Previous updates

Update: Lucid Motors fell further on Tuesday as the EV maker gave up nearly 4% after some strong gains last week. EV stocks have been dragged along by Tesla going to the moon but perhaps the time for some profit taking has arrived. Tesla is down over 2% with just twenty minutes of the regular session remaining.

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Stocks Reporter

FXStreet

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