Lucid Shares Surge 3.99% on $300M Volume Boosted by Production Gains and European Partnership Despite 360th Market Activity Rank

Lucid Group (LCID) surged 3.99% on Sept. 26, 2025, with a trading volume of $300 million — a 49.44% increase from the prior day — ranking it 360th in market activity. The stock’s performance followed a strategic update highlighting production efficiency gains at its Arizona facility, which analysts noted could reduce per-unit costs by up to 15% in Q4. Management also confirmed a partnership with a European automaker for battery component supply, though financial terms were not disclosed.

Investor sentiment was further bolstered by a Bloomberg Intelligence report citing improved EV sector sentiment amid softening lithium prices. Lucid’s stock has underperformed the S&P 500 by 12 percentage points year-to-date, but short interest dipped to 6.2% of float in the last reporting period, the lowest level since early 2024. Institutional ownership remains concentrated, with BlackRock and Fidelity holding combined stakes exceeding 18%.

To run this back-test rigorously I need to nail down a few practical details first: Universe — Which stock pool should we rank each day—e.g. all U.S. common stocks on NYSE + NASDAQ + AMEX, or a narrower set such as the Russell 3000 constituents? Execution convention — We will rank stocks after the market close on Day t using that day’s dollar volume, enter positions at next day’s open (Day t + 1), and liquidate at that day’s close (a 1-day holding period). Is that acceptable? Position sizing — Equal-weight across the 500 names (i.e., 0.2 % of capital per position) with full reinvestment each day? Transaction costs / slippage — Should we assume zero frictions, or would you like to embed, say, 2 bps per leg? Let me know your preferences (or tell me to proceed with common defaults). Once confirmed, I’ll pull the required data and run the back-test.