Lucid Group (LCID 35.81%) shares skyrocketed 36.2% to close at $3.12 on Thursday, marking one of the electric vehicle (EV) maker's strongest single-day performances of the year. The dramatic surge was fueled by two significant announcements: a major partnership with Uber Technologies (UBER -0.19%) involving a $300 million commitment to deploy 20,000 Lucid Gravity SUVs as robotaxis starting in 2026, and the company's filing for a 1-for-10 reverse stock split aimed at boosting share price and attracting institutional investors.
The stock's performance vastly outpaced broader market indices, with the Nasdaq Composite rising just 0.74% and the S&P 500 gaining 0.54%. Among competitors, Tesla (TSLA -0.72%) dipped 0.7% to $319.41, while Rivian (RIVN 4.16%) posted a more modest gain of 4.1% to $12.90, highlighting the Lucid-specific nature of today's market reaction.
Trading volume reached an extraordinary 934.5 million shares, nearly seven times the 50-day average of roughly 137.7 million shares. This exceptional volume surge, combined with the stock's significant distance from its 52-week high ($4.43), reflects the market's strong response to Lucid's strategic initiatives. While the robotaxi partnership offers a potential new revenue stream, investors appear to be revaluing the company's prospects in the competitive electric vehicle landscape.
