- NYSE:CCIV surged by 10.65% amidst a bullish day for the electric vehicle sector.
- Tesla CEO Elon Musk announces the cancellation of the upcoming Model S Plaid+ edition.
- The Lucid Air sedan is officially the only electric sedan with a range of over 500 miles.
NYSE:CCIV has been firing on all cylinders as of late, as the good news keeps on coming for the SPAC stock that is set to merge with Lucid Motors. On Monday, shares of CCIV skyrocketed by 10.65% to close the trading session at $26.50. The stock has now gained over 40% during the last month, after being in a downward consolidation phase since it peaked in February. With rumors of the merger happening sooner rather than later, long-time Lucid bulls are certainly being rewarded with the recent price movement.
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The big catalyst that fueled much of the electric vehicle sector on Monday was that Tesla (NASDAQ:TSLA) CEO Elon Musk suddenly announced the cancellation of the Model S Plaid+ edition. The premium sedan was believed by many to be the direct competition to Lucid’s Air sedan, so it is easy to see why CCIV shares popped on the news. Musk’s reasoning was a little suspect, stating that the Model S Plaid version is just as good as the Plaid+ so there is no reason to bring both to the consumer market. Tesla shares had a whipsaw session, but ended the day up 1.01% at the closing bell.
Now that the Model S Plaid+ is out of the picture, Lucid’s Air sedan is officially the only electric sedan that has a range of over 500 miles on a single charge. The long range was one of the most anticipated features of the premium Tesla model, but now that it has been canned, Lucid holds the upper hand in terms of battery range.
