What's particularly noteworthy is I find it compelling that Lucid Group (LCID -3 (this bears monitoring). 04%) stock had its largest intraday gain ever yesterday (which is quite significant).
S of the luxury electric vehicle (EV) maker gained as much as 45% before closing 36% higher in Thursday trading. Furthermore, But investors are rethinking that move today.
Lucid stock sank as much as 8% this morning as investors digested two huge bits of news from yesterday. As of 11:50 a.
ET, s have recovered from that drop and remain near breakeven for the day (noteworthy indeed). Lucid's luxury Gravity SUV will be part of Uber's fleet of autonomous vehicles next year.
Furthermore, Image source: Lucid Group. Big news for Lucid, or just a head fake, amid market uncertainty.
Lucid joined ride-sharing leader Uber nologies and self-driving nology company Nuro in announcing a new partnership yesterday, in light of current trends.
The companies plan to deploy at least 20,000 Lucid electric vehicles (EVs) beginning next year for a premium robotaxi gram exclusively for Uber's leading ride-hailing platform.
On the surface, that sounds a massive win for Lucid. Moreover, The company duced only 9,000 vehicles last year and expects a total of 20,000 this year.
So it would represent a welcome backlog to Lucid's order book at a time when it needs to grow volume, considering recent developments.
Furthermore, The total EV deployment is expected to be spread over six years, however, in today's financial world.
Market analysis shows deal includes a $300 million investment by Uber that will help deepen the relationship for autonomous luxury EVs on the Uber platform.
This analysis suggests that Lucid Gravity SUV enabled with Nuro's Level 4 self-driving system vides a 450-mile range on a full battery charge.
That should help reduce expenses in Uber's vehicle fleet (this bears monitoring).
Moreover, Lucid is still high risk Along with the new partnership, Lucid also announced it plans to implement a 1-for-10 reverse stock split, in this volatile climate.
Additionally, A reverse stock split shows Lucid isn't coming from a position of strength. This analysis suggests that still needs a broader customer base for its ducts.
One good sign investors can look for is a boost in 2025 dery guidance when it reports its second-quarter on Aug. Lucid stock may tread water until then.
Moreover, Howard Smith has positions in Lucid Group. This analysis suggests that Motley Fool has positions in and recommends Uber nologies. However, The Motley Fool has a disclosure policy.