NIO Stock News – Churchill Capital Corp IV finishes higher amidst EV selloff
- NYSE:CCIV gained 0.58% on Thursday despite starting the day in the red.
- The electric vehicle sector correction continues as most major players continue to plummet.
- Industry leader Tesla reiterates that full self-driving (FSD) technology will be ready by mid-2021.
NYSE:CCIV continued its tumultuous year as the SPAC IPO was able to rebound and gain when most of the broader markets were way down. On Thursday, CCIV finished the trading session in the green, adding 0.58% to close the day at $24.34. Shares of Churchill Capital were down in after hours trading though, wiping out the minimal gains that were made before the closing bell. The stock is still over 60% lower than its hyper-inflated 52-week high price of $64.86, as the bottom has fallen out when the true valuation of the company was revealed.
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Churchill Capital, or Lucid Motors as it will be known, was an outlier on Thursday, as the rest of the electric vehicle sector continued to get pummeled. Industry leader Tesla ((NASDAQ:(TSLA))), is now down over 30% off of its 52-week high post-split adjusted price of $900, and bearish sentiment has slowly crept into the hottest sector of 2020. Chinese automaker NIO (NYSE:NIO) continued its descent after a mixed earnings report, and is down over 40% from its highs from mid-January.
CCIV Stock forecast
Much of the bearish talk has also been because of the impending flood of electric vehicles into the market from established automakers like Ford (NYSE:F), General Motors ((NYSE:GM)), and German automaker Volkswagen. With global competition ramping up, there will be less slices of the electric vehicle pie to go around. Tesla is attempting to stay one step ahead of its competition by announcing that FSD or full-self driving technology will be ready to go in its vehicles come mid-2021, although automotive industry analysts remain skeptical. Lucid is planning to release its Air sedan at some point in 2021, and has an SUV model named the Gravity, set for release in 2023.