- NYSE:CCIV dips by 1.43% despite an early morning surge to open the day.
- Lucid Motors holds its User Experience Event, to mostly positive reviews.
- The Lucid Air Sedan will offer the latest technology and is setting a precedent for electric vehicles.
NYSE:CCIV started the day out strong alongside its much anticipated User Experience Event on YouTube, but perhaps it didn’t quite meet investor expectations as shares ended the trading session lower. The stock ended 1.43% lower to be exact and closed the day at $19.99, despite hitting an intraday high of $21.10 as the event was taking place. CCIV continues to see resistance points as the stock attempts to approach its 50-day and 200-day moving averages, so we could see a period of consolidation in this range until the merger date is officially announced.
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The User Experience Event went off without a hitch on Lucid’s official YouTube channel, but that wasn’t enough to save the stock from plummeting in afternoon trading. The reviews were generally positive across social media, but unfortunately for Lucid fans, a familiar automotive name was also having an investor event. Iconic automaker Ford (NYSE:F) unveiled its new electric vehicle plans that will see the company spend $30 billion by 2025, which will bring in revenue estimates of $45 billion. Although Ford and Lucid will be in different markets of the electric vehicle sector, it is evident that existing automakers have no plans of going anywhere in this new environment.
Lucid unveiled the cutting edge technology that it is putting into its Air sedan, which includes a 34-inch 5K dashboard across the glass cockpit, as well as voice commands for Apple CarPlay and Spotify. Software updates will be administered on the go just as with Tesla’s (NASDAQ:TSLA) vehicles, showing just how much electric vehicles will be relying on connected technology moving forward.
