LCID Stock News: Lucid Group Inc rises higher alongside EV sector to start the week

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  • NASDAQ:LCID gained 1.69% on Tuesday, carrying over its momentum from last week.
  • Tesla surges as FSD Beta hits users and Cathie Wood goes all in.
  • Another former EV SPAC stock is struggling as Faraday Future tumbles. 

NASDAQ:LCID had a slow start to the day, but investors shrugged off the choppiness in the morning session and shares of Lucid closed the session higher by 1.69%. It was the third straight trading day that Lucis rose higher following the expiry of the lock up period for early PIPE investors on September 1st. Despite strength from growth sectors on Tuesday, the Dow tumbled by 269 basis points and the S&P 500 closed lower as well. The NASDAQ hit yet another all-time high as tech stocks continued to pace the markets.

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Lucid rival Tesla (NASDAQ:TSLA) jumped higher by 2.64% on Tuesday, and pulled up the broader electric vehicle sector. News of another FSD Beta version that was circulating amongst a select group of drivers in Tesla’s early access program. CEO Elon Musk did say that the latest update would be coming by the end of September, so the fact that it is already being tested is a positive sign. Shares of Tesla gained a further boost as Ark Invest’s Cathie Wood provided an updated price target of $3,000 by 2025 if the company continues to execute. 

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It was not as positive of a day for investors in Faraday Future (NASDAQ:FFIE). The former EV SPAC stock tumbled by 15.31% on Tuesday as the company postponed its Investor Day presentation due to tightening of COVID-19 restrictions. Faraday Future did not provide a new date for the Investor Day event, and some investors were scared off by the lack of updates for its electric luxury vehicle. This is certainly something that Lucid investors can relate to.