Benzinga | Oct 28, 2021 01:37PM EDT

Why Lucid Motors Shares Are Trading Higher Today

Shares of Lucid Group Inc (NASDAQ:LCID) traded higher Thursday morning, opening up nearly 5% and then reaching as high as nearly 40% higher from Wednesday's close in anticipation of deliveries of the company's Lucid Air, which will begin October 30 with the exclusive Dream Delivery event in California.

This move also comes in tandem with strength in the electric vehicle industry, as well as WallStreetBets interest in Lucid's stock particularly.

The overall electric vehicle industry showed relative strength against the market on Thursday with Tesla Inc (NASDAQ:TSLA) and Nio Inc (NYSE:NIO) also trading higher. Hertz Global Holdings Inc (OTC:HTZZ) announced that the company could provide Uber Technologies Inc (NASDAQ:UBER) with 150,000 Teslas, up from the initial 50,000 reported.

At the time of publication, Lucid shares were trading 39.8% higher at $27.78.