Lucid Group Inc. (LCID) had a big day on Friday, with its stock jumping 10.01% to close at $27.44. So why did the electric vehicle company’s shares soar? Let’s take a closer look.
First, Lucid Group announced that it will be collaborating with leading lithium-ion battery manufacturer, LG Energy Solution, to develop new battery technology for its vehicles. This partnership is a major win for Lucid Group, as LG Energy Solution is known for its high-quality and reliable batteries. This announcement has investors feeling optimistic about the future of Lucid Group and its potential for growth in the EV market.
In addition, Lucid Group’s CEO, Peter Rawlinson, recently shared his excitement for the company’s upcoming production of the Lucid Air, its highly-anticipated luxury electric sedan. The Lucid Air has received rave reviews for its sleek design, advanced technology, and impressive range. Rawlinson’s enthusiasm and confidence in the company’s future has likely contributed to the recent surge in its stock price.
For retail investors, this news from Lucid Group is certainly worth paying attention to. With a solid partnership in the works and a highly-anticipated product on the horizon, the company has the potential for significant growth in the competitive EV market. For those interested in adding Lucid Group to their portfolio, now may be a good time to consider buying in before its stock price potentially continues to climb.
In conclusion, Lucid Group Inc. (LCID) had an exciting day on Friday, with its stock jumping 10.01% thanks to a promising new partnership and CEO’s confidence in the company’s future. As the EV market continues to grow, Lucid Group’s stock may have even more room to soar. Retail investors should keep a close eye on this company and consider the potential benefits of adding it to their portfolio.