Lucid Group (LCID 1.98%) shares closed at $2.30, rising 9% in today's session while the S&P 500 and Dow Jones Industrial Average both posted mild declines of 0.07% and 0.37%, respectively.
The luxury electric vehicle (EV) manufacturer saw heightened trading activity with approximately 205 million shares changing hands -- roughly 60% higher than its 50-day average of 130 million. Despite this elevated volume, the stock demonstrated relatively controlled movement, trading between $2.11 and $2.36.
Image source: Lucid.
Within the EV landscape, market leader Tesla (TSLA 0.82%) managed a 1.3% gain to $297.81, while competitor Rivian (RIVN -0.16%) gained 3% to $13.13. Lucid's strong advance today positions it to gain a bit on both rivals, reflecting positive investor sentiment about its production ramp-up efforts.
Lucid continues to navigate its path toward sustainable production scaling, with recent updates on manufacturing progress and increased sales (up 38% year over year) in the second quarter helping maintain investor interest. Trading significantly below its 52-week high of approximately $4.43, Lucid's current price action suggests a consolidation phase as the company works toward expanding its market footprint in the premium electric vehicle segment.
