Lucid climbs out of its reverse stock split rut as EV demand swells

Lucid’s rallying like the end of August and beginning of September never even happened. The luxury EV maker rose more than 8% in Wednesday trading, climbing out of its recent all-time lows following the company’s 1-for-10 reverse stock split.

Lucid shares are above $21, or $2.10 presplit. That’s their highest level since the week leading up to the drop in late August.

Also potentially boosting the stock is the looming expiration of the $7,500 EV tax credit on September 30, which pricey Lucid vehicles can qualify for through leasing loopholes. Consumers have rushed to buy the vehicles before the credit ends, with EV registrations surging 27% in July, according to S&P Global Mobility. Lucid has been discounting its vehicles to capitalize on the sales bump.