- Lucid Motors (LCID) is rallying on $1 billion credit facility news.
- This has it recovering from a recent dip at the start of the week.
- That comes after Elon Musk claimed the company is heading toward bankruptcy.
Lucid Motors (NASDAQ:LCID) stock is on the rise Wednesday as the electric vehicle (EV) company’s shares climb back from a recent dip.
The big news boosting LCID stock higher today is a $1 billion revolving credit facility. This gives the company access to the funding it needs to further expand its business. It’s also worth mentioning that Lucid Motors had $5.4 billion cash on hand at the end of Q1. The company expects this to cover its costs well into 2023.
Shares of LCID took a beating at the start of the week following comments from Tesla (NASDAQ:TSLA) CEO Elon Musk. This had Musk claiming that Lucid Motors and Rivian Automotive (NASDAQ:RIVN) are on their way to bankruptcy.
Here’s what else the Tesla CEO said about the two EV companies, according to InsideEVs.
“I hope they can do something, but unless they can cut their cost dramatically, they are in deep trouble and will end up in the car cemetery like every other with the exception of Tesla and Ford.”
As far as trading volume goes, LCID isn’t seeing much movement today. As of this writing, only about 9 million shares have changed hands. That’s less than half its daily average trading volume of 22.5 million shares.
LCID stock is up 2.7% as of Wednesday afternoon. However, the stock is still down 58.4% year-to-date.
There’s more recent stock market news that investors will want to know about below!
We’ve got all the hottest stock news worth keeping up with on Wednesday! That includes what’s happening with shares of MicroStrategy (NASDAQ:MSTR), ARKK Innovation ETF (NYSEARCA:ARKK), and Digital World Acquisition (NASDAQ:DWAC) stock today. You can read this news at the links below!
More Wednesday Stock Market News
- MicroStrategy Insider Carl Rickertsen Just Bought MSTR Stock
- The ARKK ETF Is Down 60%. Cathie Wood Keeps Buying 2022 Losers Like COIN Stock.
- DWAC Stock Rebounds on Truth Social SPAC Merger Hopes
On the date of publication, William White 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.