When the lockup for Lucid Group’s (NASDAQ:LCID) private investors expired last week, the stock plunged by around 10% on heavy volume. Bottom-fishers filled the gap by buying the stock on a dip.
Lucid is a high-end EV supplier poised to challenge Tesla (NASDAQ:TSLA). It delayed its 2H/2021 launch in the spring. Once it issues a firm release date on its first EV launch, the stock may break out of its $20-$28 trading range.
XPeng (NYSE:XPEV) held steady when it reported August deliveries up by 172% Y/Y. Production of the G3 SUV in August, deliveries of the G3i this month, and a P5 family sedan launch on Sept. 15 are the catalyst. XPEV stock is a compelling stock to consider buying.
Nio (NYSE:NIO) is facing headwinds after shipments fell by 26% month-over-month in August. The chip shortage hurt output. Once resolved, Nio will make up for the shortfall by selling more units in future quarters. The stock dipped on the news but recovered quickly. Nio is a well-known brand in China and will out-flank Tesla on sales. It has a battery swapping network throughout the country. This lowers the vehicle price and gives consumers the convenience of getting full charge immediately
