Why Lucid Group Shares Popped Today

Shares of Lucid Group (NASDAQ: LCID) have been on the decline since the company reported its quarterly financial and operations update at the end of February. Shares have sunk about 14% since Feb. 28, even with a two-day recovery rally. That recovery continued this morning, with the stock popping over 5% at the market open. As of 10:15 a.m. ET, shares remained up 3%.

Investors sold Lucid shares when the electric vehicle (EV) start-up announced it was cutting its production outlook for 2022 by up to 40% due to supply chain challenges and as it focused on quality.

Image source: Lucid Group.

Source Fool.com