Forget Lucid Group: 2 Electric Vehicle Stocks to Buy Instead
Lucid (NASDAQ: LCID) stock has disappointed a lot of investors since its public debut in July 2021. The maker of luxury electric sedans went public by merging with a special purpose acquisition company (SPAC), and its stock started trading at $25.24 before more than doubling to its all-time high of $55.52 four months later.
Before it went public, Lucid claimed it could produce 20,000 vehicles in 2022 and 49,000 vehicles in 2023. But in reality, it only produced 7,180 vehicles in 2022 and 8,428 vehicles in 2023 -- and it only expects to produce 9,000 vehicles in 2024 as it racks up more losses. It mainly blamed that slowdown on supply chain constraints, but the recent price cuts for its Air sedan suggest it's struggling to lock in new buyers as the EV market cools off.
Image source: Lucid.
Source Fool.com
