June 6, 2023

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Why EV Stocks Lucid Group, Rivian Automotive, and Tesla are rallying on Friday

Lucid Group Inc LCID Shares ripped apart on Friday and stalled at a circuit breaker on the upside in the early afternoon following rumors circulated by traders that the Saudi Public Investment Fund plans to buy what is left of the electric car company.

Benzinga has contacted the Public Investment Fund and Lucid Group for comment on the rumours.

Rivian Motorss countryside Shares traded higher on Friday afternoon, trading up more than 7% from Thursday’s close.

Tesla Inc TSLA Trading was also up about 10% on Friday afternoon after strong earnings were reported earlier in the week.

In addition to strong earnings in the electric vehicle space, the personal consumption expenditures index, one of the Fed’s key inflation measures, came in cooler than expected on Friday morning. At the lowest level since October 2021.

This is another sign that inflation is slowing and the Fed may be able to moderate rate hikes sometime this year.

Slowing inflation should be good news for most stocks, but especially growth stocks that have been hit hard by the Fed’s rate hikes.

LCID, RIVN, and TSLA price action: At the time of publication, Lucid shares were trading up 51.4%. Rivian shares rose 11.6% while Tesla shares rose 9.8%.

Image provided by Lucid Group.

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