Lucid Group stock gains 7% on supply deal with Panasonic Energy for EV batteries
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Lucid Group (NASDAQ:LCID) stock gained 7.3% on Tuesday after the EV maker said Panasonic Energy will supply lithium ion batteries for its full vehicle line-up, including luxury EV Lucid Air and upcoming Gravity SUV.
Panasonic has been expanding production of lithium-ion EV batteries beyond Japan and into the U.S. with production coming from a facility in Japan as well as expected future production from its facility in De Soto, Kansas.

"This agreement will help us meet growing demand for lithium-ion batteries as we continue to ramp production of the full Lucid Air line-up in 2023 and expect to begin production of our Gravity SUV in 2024," said Lucid (LCID) CEO Peter Rawlinson.
Panasonic Energy is an operating company of Panasonic Holdings (OTCPK:PCRFY).
Read why Lucid (LCID) is at high risk of performing badly, according to SA Quant.