Investors in the electric vehicle (EV) stock seem to be shrugging off their disappointment with President-elect Donald Trump's choice of new Environmental Protection Agency (EPA) leader and shifting focus to things that could give Lucid a new lease of life.

Lucid Group reports strong Q3, yet losses continue to grow. Read why LCID stock is difficult to justify amid reliance on capital and lack of delivery growth.

After dropping more than 5% yesterday, Lucid shares were higher by 3.8% as of 1:30 p.m. ET today. While the stock is still down nearly 50% year to date, it's today's news that shareholders hope will be the catalyst that could turn Lucid's fortunes around.

Lucid reported third-quarter financial results last week and had a net loss of $992 million. The company is trying to increase production of its Air sedan and its newly launched Gravity SUV and recently sold 262 million additional shares to raise $1.67 billion.