Lucid Motors (NASDAQ:LCID) Soars 7% on New Deal with Graphite One (OTCMKTS: GPHOF) for EV Materials
Lucid Motors stock is on the rise today after securing a deal with Graphite One for anode active materials (AAM) used in developing electric vehicles. The agreement will see Graphite One supply 5,000 tonnes per year of synthetic graphite to Lucid Motors, with the potential for early termination. This partnership will enhance Lucid Motor’s domestic supply chain and support its mission to use American-sourced critical raw materials in its vehicles.
Graphite One’s selection of a site in Ohio for its AAM facility further solidifies the partnership, as it allows for scalable production of AAM to meet the growing demand for electric vehicles. Peter Rawlinson, CEO and CTO of Lucid Motors, expressed excitement about the collaboration and the potential for revenue generation starting in 2027.
Despite the positive news, LCID stock has struggled this year, down more than 16% due to challenges in the EV industry. However, there was a brief uptick in July following strong Q2 delivery numbers from Tesla, but the momentum was short-lived. Investors are now eagerly awaiting Lucid Motors’ upcoming earnings call on August 5 for further insights into the company’s performance.
In conclusion, the partnership between Lucid Motors and Graphite One highlights the importance of securing a stable supply chain for electric vehicle production. The collaboration not only strengthens the domestic supply chain but also showcases the need for sustainable sourcing of critical materials in the EV industry. This development underscores the impact of partnerships and industry trends on stock performance, making it crucial for investors to stay informed and adapt to changing market dynamics.