Key Points
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Lucid Group’s stock (NASDAQ: LCID) surged 8.9% on Tuesday after announcing compatibility with Tesla’s Supercharger network.
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Starting July 31, Lucid Air vehicle owners will have access to over 23,500 charging stations.
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This development follows a partnership with Uber, where the company will purchase 20,000 of Lucid’s vehicles.
Lucid Group’s stock increased in value amidst a broader market decline, with Lucid’s stock rising by roughly 41% over the past month. The practicality of charging is set to improve significantly for Lucid Air owners, as the new charger adapter has been approved for use with Tesla’s network, further enhancing its appeal to potential buyers.
In addition to the charging network news, Uber’s partnership represents a strong sales potential for Lucid, with plans to outfit the purchased vehicles with autonomous technology from Nuro. This deal comes as Lucid delivered only 10,241 vehicles in the previous year, making the agreement a significant catalyst for future sales.
