Six days ago, Tesla (NASDAQ: TSLA) stock dropped in response to comments from would-be rival Lucid Motors (coming public via special-purpose acquisition company ( SPAC) Churchill Capital Corp IV (NYSE: CCIV) soon), whose CEO Peter Rawlinson boasted that his company's new "Air" electric vehicle would be more efficient than a Tesla Model S and steal away $900 million in sales that might otherwise have gone to Tesla.
Tesla stock dropped on this reminder of increased competition, so I guess it makes sense that today, we're seeing Tesla stock rise in response to news than some other competition is falling further behind in this race.
Image source: Getty Images.
For further details see:
Why Tesla Stock Popped Again Tuesday