- NYSE:CCIV tumbled by 4.19% on Thursday, on another choppy day for the broader markets.
- All eyes on Tesla as the Lucid rival is set to unveil its Model S Plaid.
- More competition on the way as Apple hires an auto industry veteran.
NYSE:CCIV has seen a bearish reversal after its recent surge, and has now fallen for consecutive trading days. On Thursday, CCIV fell by 4.19% to close the trading session at $25.38. Shares have established a new resistance level and actually bounced lower off of its VWAP, signalling that the stock may be having trouble breaking through. In terms of SPAC IPOS, Lucid is still one of the more expensive stocks to buy, and even though its luxury Air sedan has received some positive early reviews, investors may be wondering about the valuation of a company that is only set to deliver just over 500 vehicles this year.
Stay up to speed with hot stocks’ news!
Lucid’s chief rival Tesla (NASDAQ:TSLA) is revealing its brand new Model S Plaid edition on Thursday night, which could have also contributed to some of CCIV’s losses. The luxury edition of its flagship model is set to be priced at $129,900, which is $50,000 higher than the original Model S. This also puts it in direct competition with Lucid’s vehicles, which ranged from $69,000 to $169,000 for the Lucid Air Dream edition.
In other electric vehicle news, it was reported late on Thursday that Apple (NASDAQ:AAPL) has hired Ulrich Kranz, who was formerly a senior executive at BMW and worked primarily on the electric vehicle models. This is just the latest move by the tech giant that reaffirms its desire to get involved in the EV market, to compete with Tesla and Lucid.
