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NYSE:CCIV fell by 0.95% on Friday, despite the broader markets trading higher.
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Tesla’s Model S Plaid launched on Thursday night, and it certainly impressed.
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Lucid has a longer range, but some are questioning how crucial that will prove to be.
NYSE:CCIV extended its slide to close the week as Lucid was bumped from the EV spotlight after major announcements from both Tesla (NASDAQ:TSLA) and Nio (NYSE:NIO). On Friday, CCIV fell a further 0.95% to end the trading session at $25.14. The stock has continued to consolidate despite hitting higher highs and higher lows as of late, which could mean we are awaiting another breakout to the upside. Shares are still firmly trading above the 50-day and 200-day moving averages, which signals that the short-term trend for CCIV is still bullish.
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Shares could also be falling after rival Tesla impressed the world on Thursday night with the unveiling of its Model S Plaid. Tesla once again showed why it is the industry leader when it comes to electric vehicles, as the super premium model blows away previous acceleration and top speeds. The model is expected to be a direct competitor to Lucid’s Air sedan, and investors may be lamenting that the Model S Plaid will have a several month headstart on Lucid as the new company figures out its production schedule.
With the sudden cancellation of Tesla’s uber premium Model S Plaid+ edition, Lucid boasted that it was now the only sedan on the market with a range of more than 500 miles on a single charge. Some are beginning to question just how important this is, considering most Americans only drive about 30 miles per day on average according to a recent Car and Driver survey. Tesla’s vehicles have been selling stronger than ever with only a moderate range of approximately 275-300 miles per charge.
