Lucid shares fell as much as 9% Wednesday, reversing gains earlier in the day.- The shares early Wednesday had extended Tuesday's rally amid continued investor hype around its Air sedan and
EVs .
Lucid stock slipped as much as 9% Wednesday, reversing earlier gains driven by hype around its Air sedan and EV stocks as a whole.
Lucid jumped 24% Tuesday to lead the broader rally in EV stocks including
Despite the slump, Lucid has more than doubled in price since it went public via SPAC merger in July. Its rally yesterday through Wednesday morning was spurred, in part, by positive reviews and guidance on its signature Air sedan. The luxury EV won the highly coveted Car of the Year award Monday from MotorTrend, beating out sedans from Porsche, Honda and Hyundai and becoming only the third electric car to nab the title.
Also this week, the company reported its first quarterly results since going public and said it saw growing demand for its EV while maintaining its 2022 production goal.
Among retail investors, Lucid was the second most-traded stock Wednesday, according to Fidelity data. Newly public Rivian was the top, and Tesla was the third. Canoo, Gores Guggenheim, a SPAC set to merge with EV startup
As of yesterday,
Peter Rawlinson, a former chief engineer of Tesla's Model S, now runs Lucid and is obsessed with wanting to get ahead of his rival, Insider previously reported. Despite the share slump Wednesday, Lucid's market value of $84 billion has surpassed that of legacy automaker Ford, but it still has a ways to go to reach Tesla's approximate $1 trillion value.