Lucid's EV Production Could Double in 2023. Time to Buy the Beaten-Down Stock?
Lucid Group (NASDAQ: LCID) has finally announced one number every investor was waiting for: its production guidance for 2023. Lucid has been one of the most-watched electric vehicle (EV) stocks as its Air cars are seen to be a threat to Tesla. Yet Lucid struggled to scale production in 2022 -- also its first full year of production -- and its painfully slow pace of production and deliveries has even hurt new orders in recent months. That's one of the biggest reasons why Lucid stock plunged 82% in 2022.
Lucid now says it is "gearing for growth," and if all goes well, it could produce double the number of EVs in 2023. Does that mean it's finally time to buy the beaten-down EV stock?
Lucid shot to fame after one of its trims, the Air Dream Edition, beat the longest-rage Tesla car by 100 miles. Troubles started brewing soon, though, and Lucid failed miserably at execution.
Source Fool.com
