Lucid (NASDAQ: LCID), a fledgling maker of luxury electric vehicles, went public by merging with a special purpose acquisition company (SPAC) in July 2021. At the time, it attracted a lot of attention for three reasons: It was led by 's (NASDAQ: TSLA) former chief vehicle engineer Peter Rawlinson, it planned to produce even pricier EVs than Tesla, and it was on track to ship its first vehicles by the end of the year.

Lucid's stock opened at $25.24 on its first day as a combined company, and it more than doubled to a record high of $55.52 just four months later. That rally was amplified by the buying frenzy in growth and meme stocks in late 2021.

Image source: Lucid.

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Source Fool.com