Churchill Capital Corp IV (CCIV) made history today as it announced a merger with Lucid Motors. Shortly after the announcement of the deal, CCIV became the first electric vehicle manufacturer to see its stock decline.
After Tesla, Nikola, and several other EV companies set the example of having a rising stock over the last several years, Lucid boldly defied the trend and tanked nearly 20% after-hours.
Investors are excited to see what exactly it looks like when an EV stock goes down.
“It’s something we’ve never seen before, so it will be interesting no matter what happens,” said Dr. Stephen Gill, professor of economic history at the University of Southern California.