Lucid Group (LCID 10.99%) shares rebounded Tuesday, jumping 11% to close at $3.13 following Monday's pullback. The luxury electric vehicle (EV) maker traded between $2.75 and $3.15, with approximately 258 million shares changing hands -- nearly double its 50-day average volume of 148 million shares.
Despite no new announcements today, investors appeared eager to buy the dip following Monday's decline, reaffirming confidence in Lucid's recent strategic initiatives. The stock's recovery largely recouped losses from the previous session, suggesting sustained optimism around the company's $300 million Uber Technologies (UBER 0.73%) robotaxi partnership and proposed 1-for-10 reverse stock split announced in mid-July.
Lucid significantly outperformed major indices, with the Nasdaq Composite falling 0.39% and the S&P 500 edging up just 0.06%. Competitors showed more modest gains, with Tesla (TSLA 1.31%) rising 1.1% to $332.11 and Rivian (RIVN 3.14%) climbing 3.07% to $14.12.
The exceptional trading volume without fresh catalysts indicates that investors remain engaged with Lucid's long-term potential despite short-term market fluctuations. Tuesday's rebound suggests the market views Monday's dip as a temporary setback rather than a fundamental shift in sentiment toward the company's growth prospects in both the premium EV and autonomous mobility sectors.
