After paved the way for the electric vehicle (EV) industry, Lucid Motors (NASDAQ: LCID) arrived in public markets in 2021 with considerable hype. Lucid is headed by CEO Peter Rawlinson, a former head engineer at Tesla. The company's flagship model, the Lucid Air, garnered enormous praise from the industry.

Fast forward to today. The company's stock sits 95% off its former peak. Why has the stock struggled despite rave reviews for the Lucid Air? Is this a stock gone bust, or a misunderstood lottery ticket waiting to turn investors into millionaires?

Here is what you need to know.

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Source Fool.com