Lucid Motors – Churchill Capital IV soars but bounces off resistance
- NASDAQ: LCID gained 0.53% on Thursday and is generally lagging the broader markets.
- Biden’s new infrastructure bill is approaching and electric vehicles made in the United States could benefit.
- Ford shares win as Tesla is snubbed from White House EV summit.
NASDAQ: LCID didn’t quite get the Wall Street debut its investors were looking for after its merger closed in late July. LCID shares rose 0.53% on Thursday to close trading day at $ 22.75. It was a positive day for the markets overall, so the fact that Lucid is trailing the S&P 500 and the NASDAQ isn’t exactly a bullish outlook. The shares surged early in trading and hit $ 23.29, but anything above $ 23.00 acted as resistance and the action was reversed by the closing bell.
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President Biden’s new infrastructure bill appears to be close to completion as bipartisan plan close to approval. What does this mean for electric vehicle companies? It’s no secret that the Biden administration has been bullish on renewables and electric vehicles, so the next infrastructure bill will have more incentives for US-based companies. Transport infrastructure is receiving a massive boost, which should lead to a major upgrade of the country’s charging networks.
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Speaking of President Biden, the White House welcomes U.S. electric vehicle manufacturers on Thursday as they pledge to increase U.S. sales by 40 to 50 percent by 2030.. The invited companies are Ford (NYSE: F), General Motors (NYSE: GM) and European company Stellantis, and a lot has been said on social media about Elon Musk and Tesla not being included ( NASDAQ: TSLA). Maybe since Tesla is already 100% electric, it would have been pointless to invite the company to a summit that talks about increasing the percentage of sales of electric vehicles.
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