- NYSE:CCIV gained 7.23% on Monday to outpace the broader markets.
- Lucid gains as Tesla gets slapped with a China recall.
- Nio drives higher on new battery swap stations in China.
NYSE:CCIV has started the week off on the right foot as investors countdown to July 22nd where shareholders get to finally approve the merger with Lucid Motors. On Monday, shares gained a further 7.23% to close the first trading session of the week at $27.00. The stock has been on a roll as of late after Lucid Motors has finally revealed concrete information on its production capacity and merger date. Shares of CCIV have taken investors for a roller coaster ride, peaking in mid-February at $64.86, and then promptly crashing back down almost entirely to its $15.00 PIPE investor price.
Stay up to speed with hot stocks’ news!
It seems as though whenever electric vehicle industrial leader and chief rival, Tesla (NASDAQ:TSLA) stumbles, investors become more bullish on Lucid. Over the weekend, Tesla reported that it would be recalling nearly 300,000 of its vehicles in China over issues with its driver assistance program on the Model 3 and Model Y. Now to the part that should make both Tesla and Lucid investors bullish: rather than consumers bringing their vehicles into a service station, Tesla is simply deploying a new software update on the go.
Elsewhere in China, domestic electric vehicle champion Nio (NYSE:NIO) jumped 9.58% on Monday as the company announced it had opened five more battery swap stations around the country. Nio also announced that next month it would be holding a Nio Power day, which the company has teased would reveal new advancements in its battery swapping and charging technologies, as well as the potential for another look at its new upcoming vehicles.
