LCID - Why Lucid and Other EV Stocks Jumped More Than 10% Today
Investors turned beaten-down electric vehicle (EV) manufacturers into some of Thursday's big winners on Wall Street. EV makers Lucid Group (NASDAQ: LCID) , Fisker (NYSE: FSR) , and heavy truck maker Hyzon Motors (NASDAQ: HYZN) soared to gains of between 15% and 18.5% at their session peaks. As of 2:30 p.m. ET, Lucid, Fisker, and Hyzon were still up by 11.5%, 9.2%, and 11.1%, respectively.
Lucid reported its first-quarter results last week, and Thursday's rally can in part be attributed to the fact that a peer that released its results on Wednesday night mirrored what Lucid had to say about 2022 production levels. Specifically, as Lucid did last week, Rivian Automotive said it was maintaining its previous guidance for production even in the face of continued supply chain challenges. This seemed to spark a rally after EV stocks had been punished by investors worried that guidance would continue to be lowered, especially by younger manufacturers just starting to ramp up their vehicle production.
Image source: Lucid Group.
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Why Lucid and Other EV Stocks Jumped More Than 10% Today