Why Lucid Stock Is Skyrocketing Today

Key Points

• Lucid stock is roaring higher after it was announced that the company's Air vehicles will soon be compatible with Tesla's Supercharger network.

• Owners of Lucid's Air vehicles will be able to use Tesla's charging network starting July 31.

• This win comes on the heels of a big robotaxi partnership with Uber.

• 10 stocks we like better than Lucid Group ›

The stock of Lucid Group (NASDAQ: LCID) is surging in Tuesday's trading despite moderate bearish momentum for the broader market. The company's share price was up 8.9% as of 12:30 p.m. ET. Meanwhile, the S&P 500 was down 0.1%, and the Nasdaq Composite had fallen 0.7%.

The electric vehicle (EV) specialist's valuation is getting a big boost today following news that its Air vehicle models will become compatible with Tesla's Supercharger network. The news comes on the heels of an announcement that Lucid has formed a robotaxi partnership with Uber, and the EV company's stock is now up roughly 41% over the last month.

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Lucid stock soars on Tesla Supercharger news

All Lucid Air models will become compatible with Tesla's charger network on July 31. Thanks to a new charger adapter that has been approved by Lucid, Air owners will gain access to more than 23,500 charger stations.

Tesla has by far the largest network of charging stations, and the new compatibility stands to make vehicle charging significantly more convenient for Air owners. It also has the potential to make Lucid's Air EVs significantly more attractive to prospective buyers.

What's next for Lucid?

Lucid has been racking up some significant wins recently. As part of their robotaxi partnership, Uber will be purchasing 20,000 or more of its vehicles and outfitting them with autonomous driving technologies from Nuro.

With the company having delivered only 10,241 vehicles last year, the deal with Uber looks to be a significant sales catalyst even if purchases will be spread out over a six-year period. Uber has also invested $300 million in the company, and it's possible that Lucid's vehicles being part of its EV fleet will wind up creating broader sales catalysts as more potential buyers become aware of its vehicles.

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Keith Noonan has positions in Uber Technologies. The Motley Fool has positions in and recommends Tesla and Uber Technologies. The Motley Fool has a disclosure policy.