Lucid Group Inc (NASDAQ:LCID) shares traded lower on Tuesday before reversing course after the bell and surging to weekly highs. Here's a look at what's going on.

What Happened: Lucid announced the appointment of Nick Twork as head of Global Communications on Tuesday morning.

Twork is set to oversee Lucid's global communications team including worldwide product, corporate, financial and internal communications, media relations and social media. The new head of Global Communications will report directly to Lucid CEO Peter Rawlinson, effective immediately.

"Nick has a rare blend of deep industry insight, emerging technology leadership and a passion for our mission to decarbonize the transportation sector. I'm confident Nick can help build awareness of our brand while supporting Lucid's ambitious growth plans," Rawlinson said.

Lucid shares didn't react much to the announcement and the stock drifted lower, closing the day down 2.34%. After the market close, shares of EV maker Rivian jumped after the company announced intentions to form an equally controlled and owned joint venture with Volkswagen.

Lucid shares appear to be moving in sympathy with Rivian shares, up approximately 44% at the time of writing.

Volkswagen will initially invest $1 billion in Rivian through an unsecured convertible note that will be converted into Rivian common stock. Volkswagen is expected to invest an additional $4 billion over time as part of the transaction.

The two companies said they completed significant work in recent months to validate the compatibility of their technology. The completion of the joint venture formation is expected to occur in the fourth quarter of 2024.

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LCID Price Action: Lucid shares are down approximately 40% year-to-date. At publication time, the stock was up 11.20% at $2.78 in after-hours trading, according to Benzinga Pro.

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