Lucid Motors – Churchill Capital IV falls below $27, alongside broader EV sector
- NYSE:CCIV fell by 3.82% as the broader EV market dropped to start the month.
- Record vehicle deliveries in China still weren’t enough to turn the EV sector positive on Thursday.
- Lucid Motors provides more details about its Manhattan studio.
Update July 2: Churchill Capital Corp IV (NYSE: CCOV) has been extending its falls on Friday, shedding over 3.5% and slipping below the $27 level. The broader electric vehicle sector is on the back foot. Ahead of Churchill’s merger with Lucid Motors – which will trigger a ticker change to LCID – shares have been taking two steps forward, one step back. Is the current correction a buying opportunity? It is essential to note that trading will be closed on Monday due to the long Independence Day holiday, and that may cause last-minute jitters.
NYSE:CCIV continued its recent trend of following up a big green day with a small red day, as the anticipation builds for the Lucid Motors merger as we begin July. On Thursday, CCIV fell by 3.82% to close the session at $27.72. The dip was most likely due to broader EV sector sentiment rather than any specific company news from Lucid. The stock pulled back from its near 10% gain on Wednesday, and recorded a higher than average daily trading volume to start the month.
Even though Chinese EV giants Nio (NYSE:NIO) and XPeng (NYSE:XPEV) both reported record delivery numbers in June, both stocks tumbled during Thursday’s session. The concern is most likely due to both companies barely meeting full-year delivery forecasts, while further logistical issues could arise with the ongoing global chip shortage. The EV sector now awaits the second quarter delivery numbers from industry leader Tesla (NASDAQ:TSLA), which are anticipated to top 200,000. The numbers show just how far Lucid has to go to be considered a competitor, as its 2021 deliveries are capped at just over 500, even though reservations have hit 10,000.
CCIV stock news
Last week, Lucid Motors opened its latest studip in the Meatpacking district of Manhattan, New York. It is the first studio for the company in the Northeastern region of the United States, and is the eighth studio Lucid has opened during the past year. Inside visitors can see and touch a Lucid Air sedan, as well as experience driving one through virtual reality technology. Lucid is expected to open 12 more studios during 2021.