Lucid (NASDAQ:LCID) stock is in the green today on news that the company will offer premium SiriusXM (NASDAQ:SIRI) radio across it’s full suite of vehicles in Canada. Indeed, LCID stock is currently up 4% on the partnership news.
According to the deal, the optional SiriusXM subscription will be offered to both new and existing Canadian Lucid owners, alongside a complimentary three-month trial subscription.
“We are very proud to partner with Lucid and to bring our premium audio entertainment offering to Lucid’s extraordinary lineup of vehicles,” said Rob Keen, Senior Vice President of Sales and Marketing at SiriusXM Canada. “SiriusXM is the perfect complement to the Lucid luxury driving experience, providing an unrivaled in-vehicle audio experience.”
One of the selling points of the electric vehicle (EV) company has been its touted “future-ready hardware,” capable of integrating new features and technology overtime. It appears today’s news is a further confirmation of Lucid’s capabilities in that regard.
LCID Stock Climbs Despite Weak Year
While today’s news is promising, it’s doing little to reverse the trainwreck of a year that LCID stock has experienced so far. Indeed, LCID is down nearly 30% year-to-date (YTD) on a number of less-than-stellar headlines from the company.
Even despite LCID stock’s 43% jump to start the year, the company has been on a steady decline since. Everything from earnings and deliveries misses, to additional stock offerings have pushed LCID into the red for the year. If it’s any indicator, Lucid has even become a favorite among short traders, with a short interest of 28.31% per Fintel.
While today’s news will provide a short-term boost for the California-based company, Lucid remains something of a mixed bag as it pertains to EV makers.
On the date of publication, Shrey Dua did not hold (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.