LCID stock price surges
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Lucid’s stock zooms to best day in months after Uber becomes the EV maker’s latest backer and the companies hatch a plan to launch robotaxis.
Shares of luxury vehicle maker Lucid soared Thursday after the company announced a self-driving partnership with Uber Technologies and Nuro.Lucid shares closed up 36.2% at $3.12, while the S&P 500 and Dow Jones Industrial Average gained 0.
The withdrawal of government support will hurt Lucid's effort to pivot to mass-market SUVs, such as the Lucid Earth, which is expected to start at just $48,000 when it launches in 2027. Furthermore, the loosening of emissions regulations could hurt the market for regulatory credits.
Better Buy: Tesla vs. Lucid Stock March 07, 2023 — 05:21 pm EST Written by Keith Noonan and Parkev Tatevosian for The Motley Fool ->
American electric vehicle makers Rivian and Lucid rose as much as 4.6% and 8.8%, respectively, on Thursday.
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Tesla ( TSLA) and its high-profile CEO Elon Musk can be polarizing. However, the automaker has achieved things that seemed impossible. It not only broke into the highly mature auto industry, it also helped to create the electric vehicle (EV) market. Could buying EV upstart Lucid ( LCID) set investors up for a similar success story?