Lucid Group Inc shines during broader market pullback to start the week

NASDAQ:LCID gained 4.83% on Monday and outpaced the broader markets.
Lucid takes another step towards deliveries by registering Air Sedan VINs.
Tesla dips as the National Transportation Safety Board weighs in on FSD.

NASDAQ:LCID is finally starting to see some positive momentum and even outperformed the broader markets to start the week. On Monday, shares of Lucid gained 4.83% and closed the trading day at $24.07. The move higher came amidst a global market sell off, as the NASDAQ tumbled by 2.19% and the Dow and S&P 500 both lost over 1.7%. It was the worst day for U.S. markets since May. The EV sector fell nearly across the board, as fears of sweeping regulatory changes in China caused EV makers like Nio (NYSE:NIO), XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) to all fall by at least 6.0% during the session. 

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Lucid investors may be getting excited over the impending announcement for 2021 deliveries of the Air Sedans. The company took another step towards deliveries by registering VINs or Vehicle Identification Numbers with the NHTSA. Next week, Lucid is holding its first ever Production Preview event, which will give investors and the media a look into the Arizona production facility. The market seems to also be anticipating some form of formal announcement regarding when the vehicles will be delivered to customers who have signed up on the waiting list. 

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Elsewhere, Tesla (NASDAQ:TSLA) fell by 3.86% on Monday after the National Transportation Safety Board officially weighed in on FSD or Full Self Driving technology. A series of crashes involving Tesla vehicles using the FSD beta version, has given the government agency pause on how quickly Tesla will be able to roll this out to the general public. At $10,000 per vehicle and $199 per month for the subscription, any delay in rollout could cause a serious hit to Tesla’s revenues in the short-term.