Why Lucid Group Stock Crashed 8% This Morning
Shares of luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) turned into a one-car pileup Monday morning, falling 8% through 10:30 a.m. ET after Barron's reported over the weekend on apparent defects in the cars that owners say can turn the $150,000 EV into a "5,000 pound brick."
Barron's cites "dozens of complaints" about Lucid's marquee Lucid Air luxury electric sedan -- which may not sound like a lot, but for a company that's only sold 2,500 units so far, even just a few dozen complaints would imply a 1% failure rate.
According to the reports, Lucid Air may be prone to software bugs in its display screens, driving forward when put in reverse, or even losing power entirely in the middle of the road. Lucid has apparently been replacing faulty car components as complaints are made -- everything from bad electrical components to entire batteries. Details are scanty, however, and mostly apocryphal from "self-described" (but unconfirmed) owners. Unfortunately, it's hard to confirm the veracity of these complaints, and Lucid is not commenting either way.
Source Fool.com
