The S&P 500 index has dropped 18% since peaking on Jan. 3, 2022. Lucid Group (NASDAQ: LCID) stock, meanwhile, has lost a staggering 81% in value since, according to data provided by S&P Global Market Intelligence. The electric vehicle (EV) stock was so brutally hammered in 2022 that investors are now left wondering whether it has any chances of a recovery in 2023.

Lucid gave investors a rude shock right at the beginning of 2022 when it slashed its full-year production outlook to only 12,000 to 14,000 Lucid Air cars, citing supply chain challenges. Through Feb. 28, 2022, Lucid had received 25,000 reservations.

The worst was yet to come though: In August, Lucid said it would be able to produce only 6,000 to 7,000 EVs in 2022 as challenges continued to mount. As the company had secured more than 37,000 reservations until the end of the second quarter, the low annual production volumes meant much longer wait times for customers to get deliveries of their cars.

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Source Fool.com