Why Lucid Stock Plunged to All-Time Lows This Week

Lucid Group (NASDAQ: LCID) stock is having a disastrous year. Shares of the electric vehicle (EV) maker continued to fall this week, trading 16% lower through noon Friday and hitting its all-time lows of $4.26 a share, according to data provided by S&P Global Market Intelligence.

With this week's decline, the EV stock has tanked nearly 40% in just the past three months. Lucid's ongoing struggles, coupled with a looming EV industry slowdown, are making investors jittery.

Lucid confirmed this week that it will launch its much-awaited Gravity SUV on Nov. 16 at the Los Angeles Auto Show. That should have been good news for the stock, but Lucid doesn't expect to start Gravity production until late 2024.

Source Fool.com