EVs gaining momentum again ?
On an otherwise slow day SPAC investors watched Lucid / CCIV surge on rumors that it may do a deal with Apple. CCIV soared +16% to $23.87 -- still well off its previous high during peak SPAC, but certainly exciting for Lucid true believers as there likely have been a few that "bought the dip" recently.
For those skeptics watching the EV / autos ecosystem the dominance of Tesla (printing more great numbers today) and increasing relevance of traditional automakers (e.g. GM, Ford, Volkswagen) in the space, Lucid will have to do more than just team up with Apple to make a long-term impact. In fact Goldman just last Thursday downgraded both Fisker (FSKR) and Lordstown Motors (RIDE) based on that increased competition.
Looking at the latest deals, there isn't much to get excited about at the moment either. For SPACs that announced since March, there are only 7 trading at a premium to $10 of over 10% and almost 25 trading below NAV.Read more