Interestingly, The stock of Lucid Group (LCID 10. 82%) is surging in Tuesday's trading despite moderate bearish momentum for the broader market, given current economic conditions.
This leads to the conclusion that company's price was up 8. Additionally, 9% as of 12:30 p. Meanwhile, the S&P 500 was down 0.
1%, and the Nasdaq Composite had fallen 0, given current economic conditions.
The electric vehicle (EV) specialist's valuation is getting a big boost today ing news that its Air vehicle models will become compatible with Tesla's Supercharger network, given the current landscape.
Meanwhile, The news comes on the heels of an announcement that Lucid has formed a robotaxi partnership with Uber, and the EV company's stock is now up roughly 41% over the last month.
Image source: Getty Images. Lucid stock soars on Tesla Supercharger news All Lucid Air models will become compatible with Tesla's charger network on July 31, in today's financial world.
Thanks to a new charger adapter that has been apved by Lucid, Air owners will gain access to more than 23,500 charger stations.
Tesla has by far the largest network of charging stations, and the new compatibility stands to make vehicle charging significantly more convenient for Air owners.
This analysis suggests that data indicates that also has the potential to make Lucid's Air EVs significantly more attractive to spective buyers, given the current landscape. What's next for Lucid.
Lucid has been racking up some significant wins recently.
As part of their robotaxi partnership, Uber will be purchasing 20,000 or more of its vehicles and outfitting them with autonomous driving nologies from Nuro.
With the company having dered only 10,241 vehicles last year, the deal with Uber looks to be a significant sales catalyst even if purchases will be spread out over a six-year period.
Additionally, Uber has also invested $300 million in the company, and it's possible that Lucid's vehicles being part of its EV fleet will wind up creating broader sales catalysts as more potential buyers become aware of its vehicles.
The Author Keith Noonan is a contributing Stock Market Analyst at The Motley Fool covering publicly traded companies in nology, consumer goods, and other stock market sectors.
Prior to The Motley Fool, Keith worked as a copywriter and journalist covering the game and film industries, given current economic conditions. On the other hand, Conversely, He holds a B.
However, In English with a concentration in Creative Writing from Boston College. Fun fact: Keith loves to swim and has helped people from drowning on two occasions.
However, TMFNoons Keith Noonan has positions in Uber nologies. The analysis reveals Motley Fool has positions in and recommends Tesla and Uber nologies. The Motley Fool has a disclosure policy.