Lucid Group’s shares surged 36% on Thursday after announcing a partnership with Nuro and Uber to introduce 20,000 self-driving vehicles to Uber’s platform over six years. This collaboration, backed by hundreds of millions in Uber’s investment, aims to accelerate Lucid’s presence in the autonomous taxi market, amidst competition from established players like Waymo and Tesla, which recently launched its own Robotaxi service.
Despite this positive news, analysts caution that scaling as rapidly as Uber may be challenging for Lucid and Nuro. Lucid shares closed at $3.12, showing a nearly 60% rebound from recent lows, although they remain 18% down over the past year due to previous losses and analyst downgrades.
Technical indicators suggest a potential breakout as Lucid shares approached their 50-day moving average, supported by the highest trading volume since its Nasdaq debut in 2021. Key resistance levels are noted at $3.60, $4.35, and $5.30, while support is identified around $2.50, which could attract buyers if the stock retraces. Overall, investor attention is focused on whether the bullish momentum can be sustained.
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