While the stock market has recovered somewhat in 2023, the Nasdaq Composite is still down roughly 13% over the last 12 months. And Lucid Group's (NASDAQ: LCID) shares have woefully underperformed the index, losing a whopping 66% of their value in that time frame.

Let's discuss whether this decline is an opportunity for investors to buy the dip, or if they should run far away from this struggling electric automaker. 

It's no secret that electric vehicles (EVs) are taking the world by storm. According to analysts at Goldman Sachs, these innovative vehicles are expected to represent 61% of all global car sales by 2040, with the figure reaching over 80% in developed regions like the United States and European Union. For automakers, the goal is to set themselves up to have a sizable market share when the industry matures. 

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Source Fool.com