Lucid Group, Inc. (NASDAQ:LCID) shares are trading lower Wednesday. The stock may be pulling back after gaining in anticipation of the new tariff on electric vehicles made in China.
The Details:
Lucid shares climbed earlier in the week amid reports that increased tariffs were imminent and ahead of the official announcement. President Biden announced Tuesday a significant increase in tariffs on a range of Chinese goods, including electric vehicles, EV batteries and critical minerals.
The stock may have also benefited from the recent "meme stock" rally which saw heavily-shorted stocks gaining amid a retail-fueled rally in GameStop and AMC Entertainment shares.
Lucid shares are dipping Wednesday, though the stock remains up by more than 5% over ...