Why Shares of Lucid Group Stock Were Sinking This Week
Shares of Lucid Group (NASDAQ: LCID) sank 17.7% this week, according to data from S&P Global Market Intelligence. The electric vehicle (EV) start-up couldn't grow revenue in the third quarter and is still operating in the red, causing investors to sell the stock. As of the market close on Friday, the stock is off 94% from the all-time highs it set during the bubble in 2021.
The air is coming out of the EV sector, that's for sure.
In the third quarter, Lucid delivered 1,457 vehicles to customers. This is significantly less than the EV leader, , as well as other EV start-ups such as Rivian Automotive. Revenue was only $137.8 million. On this revenue, Lucid posted an operating loss of $753 million with heavy gross profit losses. Essentially, the company is losing a lot of money on every car it sells due to its subscale operations.
Source Fool.com
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