Why Lucid Motors Shares Are Trading Higher Today

Shares of Lucid Group Inc LCID traded higher Thursday morning, opening up nearly 5% and then reaching as high as nearly 40% higher from Wednesday’s close in anticipation of deliveries of the company's Lucid Air, which will begin October 30 with the exclusive Dream Delivery event in California.

This move also comes in tandem with strength in the electric vehicle industry, as well as WallStreetBets interest in Lucid’s stock particularly. 

The overall electric vehicle industry showed relative strength against the market on Thursday with Tesla Inc TSLA and Nio Inc NIO also trading higher. Hertz Global Holdings Inc HTZZ announced that the company could provide Uber Technologies Inc UBER with 150,000 Teslas, up from the initial 50,000 reported. 

At the time of publication, Lucid shares were trading 39.8% higher at $27.78.