Lucid stock price extends 2-day rally to 30% as Air sedan hype grows – Markets Insider

Lucid Air
Lucid Motors’ Air EV.

  • Lucid stock has risen 30% since Tuesday amid continued investor hype around its Air sedan and EVs.
  • Lucid was the top-traded retail stock again Wednesday, according to Fidelity data.
  • The company’s Air sedan won MotorTrend’s Car of the Year award on Monday.

Lucid stock is gaining for a second day as hype around its Air sedan picks up and investors pour into EV stocks.

The stock has risen 30% since Tuesday and has more than doubled in price since it went public with a blank-check company in July. Its rally has been spurred, in part, by positive reviews and guidance on its signature Air sedan.

The EV won the highly coveted Car of the Year award Monday from MotorTrend, beating out sedans from Porsche, Honda and Hyundai and becoming only the third EV to nab the title.

Also this week, the company reported its first quarterly results since going public and said it saw growing demand for its EV while maintaining its 2022 production goal. 

Lucid has been at the front of the pack as retail traders have been pining for EV stocks. According to Fidelity data, Lucid was the most traded stock Wednesday, with newly public Rivian, Tesla and Canoo in second, fourth, and fifth place, respectively. Gores Guggenheim, a SPAC set to merge with EV startup Polestar, and Ford were also among the top traded retail stocks, the data show.

As of yesterday, retail traders had purchased $378 million worth of shares of Lucid, Rivian, and Ford, in the past week – surpassing demand for Tesla – according to Bloomberg, which cited data from Vanda Research.

Peter Rawlinson, a former chief engineer of Tesla’s Model S, now runs Lucid and is obsessed with wanting to get ahead of his rival, Insider previously reported.

With this week’s rally, Lucid’s market value has hit $89 billion, soaring past that of legacy automaker Ford, but it still has a ways to go to reach Tesla’s approximate $1 trillion value. 

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