Why Tesla Rival Lucid Shares Are Rising Monday

Lucid Group Inc LCID shares are trading higher by 3.38% to $18.66 Monday afternoon amid strength in clean energy stocks following Senate passage of the Inflation Reduction Act, which includes funding to address climate change and promote clean energy.

What Happened?

The over $430 billion spending package, will now be delivered to the House, which will be back in session on Friday following its summer recess.

Senate Majority Leader Chuck Schumer described the efforts to get the bill passed as "a long, tough and winding road, but at last we have arrived."

"I know it’s been a long day and a long night. But we’ve gotten it done today," he said, while speaking on the floor ahead of the final vote... Read More

According to data from Benzinga Pro, Lucid has a 52-week high of $57.75 and a 52-week low of $13.25.