The SPAC stock’s NYSE:CCIV plummeted 2.53 percent to end a difficult week.
In the second quarter, Lucid rival Tesla sets a new record for deliveries.
As the DOJ get involved, Lordstown Motors continues to fall apart.
Despite additional record-breaking delivery data, NYSE:CCIV dropped into the July 4th weekend as investor confidence toward electric vehicle makers soured. CCIV fell 2.53 percent on Friday, closing the trading week at $27.02. The stock has been volatile in recent weeks as the countdown to the shareholder vote and eventual merger of CCIV and Lucid Motors has begun. On the one hand, the Lucid Air sedan continues to receive great reviews as it approaches its debut date, but investors are losing faith in pre-revenue EV firms with large valuations.
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Another day, another announcement of record-breaking electric vehicle deliveries. Tesla (NASDAQ:TSLA) announced its much-anticipated second-quarter delivery numbers on Friday, which exceeded 200,000 for the first time in the company’s history. Tesla’s stock soared to start the day, but investor enthusiasm subsided later in the session, and the stock ended the day marginally higher, up 0.14 percent. Why did the stock price plummet? The actual number of 201,250 vehicles was slightly fewer than expected, and just roughly 1% of the vehicles were from the higher-end Model S and Model X models.
Lordstown Motors (NASDAQ:RIDE) is being probed by the Department of Justice for purposefully misleading its investors, which is yet another setback for EV SPAC businesses. Lordstown is already under investigation by the Securities and Exchange Commission, and its stock has been in free fall since its CFO and CEO stepped down on the same day a few weeks ago. On Friday, Lordstown’s stock was down 10.82 percent./n
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