• NYSE:CCIV falls by 0.80% as the broader markets finish the week in the green. 
  • Another EV rival is set to go public and is seeking a massive valuation.
  • The first reviews of Lucid’s user experience have hit publication from Motor Trend magazine.

NYSE:CCIV continued its downward trend on Friday, as the impending SPAC company lagged the broader markets for the third trading day in a row. The stock dipped by 0.80% on Friday, to close the week at $19.72. Shares were flying high leading up to the recent User Experience event, as well as a series of announcements from Lucid about the current state of the company. Unfortunately for CCIV investors, that momentum tapered off following the event, and the stock continued dip heading into the weekend.

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News broke on Friday that Rivian, another electric vehicle startup that is notably backed by Amazon (NASDAQ:AMZN), is looking into listing on the public markets. While Rivian may not be a direct competitor to Lucid as its main focus is electric trucks, the two brands will still eventually be vying for consumer approval. CCIV investors were riled up on social media following the announcement, as it was stated that Rivian is seeking a $70 billion valuation. The figure comes as a surprise given Wall Street’s hesitation over Lucid’s valuation earlier in the year, which was a major reason as to why the stock fell from its highs in February.

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Lucid’s User Experience Event brought in mostly positive reviews from fans, but Motor Trend magazine published one of the first professional reviews. The publication was very complimentary of the Lucid Air and the control panel system called Lucid UX. Motor Trend pointed out the ample interior, sleek dashboard, and impressive mileage as things that can set Lucid apart from Tesla (NASDAQ:TSLA).

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