It’s been a month of catalysts for Lucid Motors (NASDAQ:LCID) and this week brings yet another. The road leading here has brought many ups and downs for shareholders as LCID stock has reacted to market uncertainty and lockup expirations. But as of yesterday, Lucid’s story centered around unveiling its futuristic innovations.
Members of financial, policymaking and media communities are finally going to be getting a look at what’s behind the factory walls. It doesn’t stop there, though. They’ll also be able to test drive the Lucid Air, an electric vehicle that has captured the attention of many electric vehicle enthusiasts.
What’s Happening With LCID Stock
Despite some noticeable gains yesterday, LCID stock has been down since markets opened today. As of this writing, it has declined by more than 5%, shooting down this morning and then falling further despite some slight upticks.
Despite the less-than-ideal start to trading today, September has been a pretty good month for Lucid, with LCID stock staying mostly in the green. The month has seen some important deadlines but generally speaking, the stock has reacted well and is up 19.10% for the period.
Why It Matters
While it is early in the day, these types of patterns can be expected when a company nears such an important event. A week-long event can leave plenty of time for the type of uncertainty that can send a stock down, but that doesn’t mean that it can’t go back up. Lucid’s Production Week hasn’t received too much coverage yet but we’ll be seeing that change as this week unfolds.
Additionally, one of Lucid’s competitors has just announced plans to go public by way of a SPAC merger, just as Lucid did. Polestar has already released two EV models but it doesn’t have Lucid’s digital following or meme stock status. While its debut is certainly interesting for EV investors, as of now, Polestar does not present an imminent threat.
What’s Next for LCID Stock
We’re still watching the Production Week take shape but there’s no reason for investors not to be optimistic as it does. Lucid has always had plenty of upside and now the world is about to see just how much.
In his words, the company “has a unique opportunity to be a Tesla-like investment. And as such, long-term believers should be inclined to hold this stock through all ups and downs over the next few years. In the end, we suspect these patient shareholders will be up massively on their initial investment.”
The EV market is booming, and Lucid is poised to take off as a key part of it. Investors would be wise to pay attention.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.