- NYSE:CCIV gained 4.54% on Tuesday alongside another tumultuous day on Wall Street.
- Lucid Motors revs its engines ahead of Wednesday’s User Experience Event.
- The chip shortage may have an impact on Lucid’s production numbers later this year.
NYSE:CCIV has finally gained some momentum from investors as the company inches closer to its merger date with Lucid Motors. On Tuesday, shares of the SPAC added 4.54% including an intraday surge that boosted the stock into the closing bell. The stock finished above the $20 day price barrier for the first time since the beginning of May which could show that Wall Street’s sentiment is turning back bullish on the electric vehicle maker. The stock is on the precipice of once again reclaiming both its 50-day and 200-day moving averages as the good news continues to pour in.
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One of those key pieces of news should come on Wednesday at Lucid’s User Experience Event which is being held via YouTube. The event is expected to give the world a first hand view of the company’s flagship Lucid Air sedan that is set to be released to the public by the end of 2021. The Lucid Air was recently on display at the Amelia Concours auto show, and Lucid has reported that all of its presale models have already been reserved for the rest of the year.
Like other electric vehicle makers Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), and Ford (NYSE:F), Lucid is expected to experience some production capacity issues. This could be a reason why Lucid CEO Peter Rawlinson recently refused to commit to delivering over 20,000 vehicles to customers in 2022. The ongoing chip shortage has had a significant impact on the production of electronics as well as EVs, and may continue to affect companies heading into next year.
