Why Lucid Stock Sank to 52-Week Lows Today
Shares of Lucid Group (NASDAQ: LCID) slipped 5.1% on Thursday morning and hit its 52-week lows of $4.30 per share. At a time when the electric vehicle (EV) maker is struggling to boost production and deliveries, 's (NASDAQ: TSLA) warning about the economy and EV industry came as a double blow for investors in Lucid.
As the leader in the EV industry, Tesla's opinions and moves carry a lot of weight.
Tesla just reported its third-quarter numbers, but two things, in particular, are relevant to Lucid. First, Tesla confirmed that building EVs is a costly affair and that it's not easy to scale production. When referring to its Cybertruck, CEO Elon Musk cautioned investors to temper their expectations, stating that it requires a lot of hard work to produce volumes and reach positive cash flow. Although Lucid doesn't build trucks and is a luxury electric carmaker, Musk's words hold true for any EV start-up -- producing at scale requires a lot of money, effort, and time.
Source Fool.com
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