Uber Technologies (UBER) will invest $300 million in Lucid Group
Electric vehicle (EV) stock Lucid Group Inc (NASDAQ:LCID) is surging today, up 38.8% to trade at $3.18 at last check, after the company announced Uber Technologies (UBER) will invest $300 million in a robotaxi deal. The rideshare giant will acquire and deploy over 20,000 Lucid Gravity SUVs equipped with autonomous vehicle (AV) capabilities over six years, starting in 2026.
The deal is providing tailwinds for other EV companies, with the shares of Nio Inc - ADR (NYSE:NIO) and Xpeng Inc - ADR (NYSE:XPEV) also moving higher. Below, we will check in on these stocks' most recent price action, as well as today's options activity.
To be sure, LCID is still well within penny stock territory, despite being on track for its best single-day percentage gain since January 2023. Shares are trading at their highest level since February and have added 32.3% in the past three months, though they still carry a 16.8% year-over-year deficit.
NIO is still a penny stock, too, up 6.9% to trade at $4.39 at last glance -- its highest level since March. The equity is on track for its fifth gain in the last six sessions, but has shed 14.6% over the last nine months, and is losing steam around at familiar pressure around the $4.50 level.
XPEV sports a more modest gain, last seen up 2.3% to trade at $18.34, and pacing for its fourth-straight daily gain. Far more stable than its peers, the security sports a 55.3% lead for 2024, and an even more impressive 113.4% year-over-year gain, with long-term support stemming from the 160-day moving average.
LCID and NIO are being blasted in the options pits today, with overall volume running at 16 times and triple what is typically seen at this point, respectively. Most popular for the former is the July 3.50 call, while for the latter the weekly 7/25 5-strike call is leading the way, with positions opening at both.