Should You Buy Lucid While It's Below $5?
Electric vehicle stocks rocketed to new heights just a few years ago, Lucid Group (NASDAQ: LCID) included, as cheap money fueled new investments in EVs. But when interest rates rose and vehicle costs ballooned, most EV stocks fell back to Earth.
Lucid's share price is down about 80% over the past three years, putting its shares under $5 right now. At that price, is now a good time to buy Lucid? Let's take a look at what's going right with Lucid as well as what its hurdles are to figure out the right investment strategy.
Let's start with the good news. Lucid received a $1.5 billion commitment from the Saudi Arabian Public Investment Fund (PIF) in early August. The PIF has been Lucid's largest financial backer, pouring billions of dollars into the company so far.
Source Fool.com
