Why Lucid Shares Are Rising Today

Lucid Group Inc LCID is trading higher Monday after the company was added to the Nasdaq-100 index.

The addition to the Nasdaq-100 index will become effective prior to market open on Dec. 20.

"We are proud to join the prestigious Nasdaq-100 Index, a recognition of our progress establishing Lucid in the EV market and our future growth strategy," said Sherry House, CFO of Lucid. 

House continued, "Since our successful public listing on Nasdaq in July, and with customer deliveries of the Lucid Air beginning in October, our differentiated EV technology continues to drive a clear demand for, and confidence in, our products and company."

From Last Week: Lucid Group Stock Drops: Why It Could Recover Nicely

Lucid is a technology and automotive company developing the next generation of electric vehicle technologies.

LCID Price Action: Lucid has traded as high as $64.86 since its public debut in July.

The stock was up 4.57% at $39.37 at time of publication.

Photo: courtesy of Lucid.