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  • NYSE:CCIV dipped by 2.52% on Tuesday amidst a choppy day for the broader markets.
  • Evercore ISI gives a glowing review of Lucid Motors.
  • The competition is getting stiff, as Chinese EV giant Nio gets another analyst upgrade.

NYSE:CCIV has seen its recent choppiness continue as things get volatile ahead of the upcoming shareholder vote for its merger with Lucid Motors. On Tuesday, the stock fell by 2.52% to close the day at $26.32, as the electric vehicle industry took a breather from its recent climb. The good news is that CCIV continues to see bounces off the support level of right around $26.30, which shows that the stock is consolidating nicely towards a breakout in either direction. With the positive catalyst of the Lucid merger, odds are that the breakout will continue on in the bullish uptrend.

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Renowned investment firm Evercore ISI had a recent walkthrough of the Lucid Motors studio, as well as a test drive in the Lucid Air Grand Touring sedan and the reviews were positive to say the least. Evercore was very impressed with Lucid’s studio, as well as giving glowing endorsements of the Air, stating that the powertrain definitely ‘holds its own against Tesla’. Evercore was also very complimentary about Lucid’s rise in vehicle reservations which now stands at higher than 10,000.

In other EV news, Chinese electric vehicle titan Nio (NYSE:NIO) received another generous analyst upgrade on Tuesday, as the stock continues to ride the momentum higher. CitiGroup reiterated its buy rating for Nio and raised the price target from $58.30 to $72.00 per share, which represents a near 45% upside from Tuesday’s closing price. Nio recently reported that it would be doubling its production capacity, as well as adding more battery swap stations throughout the country.

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