- NYSE:CCIV fell by 3.49% amidst another broader market sell off on Thursday.
- The EV SPAC sector is getting overcrowded as a German automaker weighs its options.
- EV charging SPAC EVGO gets a massive boost from an iconic auto brand.
NYSE:CCIV continues to frustrate shareholders as the stock heads deeper into the red ahead of the much anticipated merger with Lucid Motors next Friday. On Thursday, shares of CCIV fell a further 3.49% to close the session at $22.96. The volatility in the markets this week has seen a growth stock correction combined with an OPEX week where options contracts are set to expire. Other EV stocks had mixed results as Tesla (NASDAQ:TSLA) fell by 0.43% alongside the S&P 500, while Chinese EV maker Nio (NYSE:NIO) found support at the $43.00 price level after declining for the past couple of sessions.
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EV SPAC mergers have hit the markets with mixed results although most of them have been negative experiences so far. From Nikola Motors (NASDAQ:NKLA) to Lordstown Motors (NASDAQ:RIDE), many of the pre-revenue EV companies just have not been able to meet expectations. On Thursday, German EV maker E.GO is weighing its options for going public and is strongly considering a SPAC merger. The company is targeting a $2.4 billion valuation ahead of its debut. E.GO manufactures economy class, no frills electric vehicles that have a short range but are extremely affordable, especially after government subsidies.
Staying in the EV SPAC market, electric vehicle charging company EVGO (NASDAQ:EVGO) surged by 14.18% on Thursday as it was named the preferred charging infrastructure by General Motors (NYSE:GM). EVGO also stated that it would be providing charging stations specifically for General Motors fleets, so the partnership looks to be a lucrative one for the newly public entity.
