- NYSE:CCIV gained 7.00% on Wednesday as the EV sector drove higher during the session.
- Lucid Motors provided a production update that was music to investors’ ears.
- Lucid now has over 10,000 reservations for its Air Sedan ahead of the company’s merger.
NYSE:CCIV has shown its strength over the past few sessions, as the SPAC stock continues to consolidate with higher highs and higher lows. On Tuesday, shares of CCIV surged by 7.00% and closed the day at $25.06. The stock continues to find support at its VWAP, and looks to be heading higher as anticipation grows for CCIV’s long awaited merger with Lucid Motors. While Lucid still has plenty of skeptics, it’s clear that when the bulls take the stock by the horns, the price will continue to climb higher.
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CEO Peter Rawlinson provided an official update late on Tuesday, as Lucid will be looking to raise further capital to expand its production capacity to grow from its current level of 34,000 vehicles per year to an estimated 53,000 by 2023. Lucid only has the single manufacturing plant right now in Arizona, but as more Lucid Air vehicles hit the roads and the Gravity SUV arrives in 2023, expect Lucid to expand its production facilities in the near future.
Rawlinson also confirmed that reservations for the Lucid Air have now climbed well over 10,000, with the company adding over 2,500 new orders since the merger was announced in February. While these numbers seem small in comparison to rivals like Tesla (NASDAQ:TSLA), keep in mind that when Tesla initially released the flagship Model S, it only delivered about 2,500 vehicles compared to its early estimates of 5,000.
