Today, Lucid Group (NASDAQ:LCID) is feeling the love in the electric vehicle (EV) world. Currently, LCID stock is up more than 7% at the time of writing. This move also comes on significantly higher-than-average volume.
Now, LCID stock has certainly been on a nice run in recent weeks. Over the past month alone, LCID stock has nearly doubled.
Now, these returns still don’t touch the price action of EV rival Tesla (NASDAQ:TSLA). However, one can argue that Tesla shooting into the trillion dollar club has something to do with a valuation bump across the board. (The upcoming Rivian IPO is also a key factor driving enthusiasm in the EV space right now).
That said, Lucid Motors is a company with a couple of company-specific catalysts that investors appear to be watching. Let’s dive into what’s driving LCID stock higher today.
Why LCID Stock Popped This Morning
As mentioned, feverish sentiment in the EV sector is always a good thing. However, in order for Lucid to capitalize on this sentiment, it better be putting out a good product.
Today, the company got a rather positive review in this regard. Motortrend published a stunning review of a test drive of the Lucid Air Grand Touring. Personally, I don’t think I’ve ever read a review that’s this bullish on a given car, with little to no criticisms.
In other words, the critics who know their stuff are blown away by Lucid’s product design and specifications. That’s a great thing.
Another factor investors appear to be taking into consideration today is the company’s launch of a new studio location in a D.C.-area mall. This new Lucid Studio is the 11th to be opened and brings about excitement for investors thinking about the growth potential of the Lucid brand. Of course, reaching consumers is key. As Lucid continues to expand, investors appear to like how the entire value chain is coming together.
On the date of publication, Chris MacDonald 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.