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Lucid stock posted big gains last week after the announcement of a robotaxi partnership with Uber, but it's pulling back today.
Comments from "Mad Money" host Jim Cramer could also be adding to bearish pressures today.
Lucid stock is still a speculative play, but the Uber partnership has the potential to be a major performance catalyst for the company.
Lucid Group (NASDAQ: LCID) stock is losing ground in Monday's trading. The electric vehicle (EV) specialist's share price was down 7.2% as of 2:45 p.m. ET amid the backdrop of a 0.5% gain for the S&P 500 index and a 0.7% gain for the Nasdaq Composite index.
The broader market is rallying again today, but the bullish momentum hasn't been enough to prevent sell-offs for Lucid stock. The company saw explosive valuation gains last week after it announced a partnership with Uber Technologies, but its stock is seeing a pullback as investors reassess the significance of the deal.
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Image source: Getty Images.
Last Thursday, Lucid and Uber announced a significant new robotaxi partnership. Uber will be purchasing 20,000 or more Lucid vehicles over the next six years and outfitting them with self-driving software from Nuro. Uber has also invested $300 million into Lucid. The news prompted a huge rally for Lucid stock, but the rally is losing steam today.
In addition to general profit taking on the stock, the extent of today's sell-off may also have roots in recent comments made by Mad Money host Jim Cramer. Speaking on his CNBC show, Cramer downplayed the significance of the deal and indicated that he didn't think that Lucid was a worthwhile investment.
As a speculative play in the EV market, Lucid stock will likely continue to see high levels of volatility. On the other hand, the company's partnership with Uber could wind up being a much bigger deal than Cramer is suggesting. For reference, the company delivered a total of 10,241 vehicles last year. While the Uber deal for 20,000 vehicle deliveries is spread out over six years, the figure is roughly double last year's sales total. Having its vehicles as a key part of Uber's robotaxi fleet also has the potential to create beneficial marketing impacts for Lucid.
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Keith Noonan has positions in Uber Technologies. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.
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